Executive Mosaic’s GovCon Index extended its losing streak, sliding by 0.26% to $133.47, in contrast to the modest recovery of the three major U.S. indexes. The Nasdaq Composite, S&P 500 Index, and the Dow Jones Industrial Average rose 1.35%, 0.81%, and 0.39% as Treasury yields retreated on mid-week.
On the labor front, hiring in the private sector is cooling, which augurs well for the Federal Reserve’s fight against inflation. ADP, the payroll processing firm that handles one-fifth of all privately employed individuals in the U.S., reports that the job growth of 89,000 in September is far below economists’ estimate of 160,000. It’s also the fewest job addition since January 2021.
Besides the steep decline in jobs this month, ADP chief economist Nela Richardson said wages have steadily declined in the past 12 months. Some analysts say the slower-than-expected pace of hiring helps ease the bond market selloff. However, the government’s non-farm payroll report coming out on Friday might be the deciding factor in the Feds’ next interest rate move.
Palantir Technologies (NYSE: PLTR) was the hottest GovCon Index stock, advancing 5.57% to $15.73 after losing by 6.17% on Tuesday. The software solutions provider to the U.S. federal government, non-U.S. governments, and the private sector announced a collaboration with PwC.
The strategic alliance combines Palantir’s AI capabilities with the global professional services firm’s industry experience. Clients will realize value with data and AI-enabled operations. Globalstar Inc. (NYSE: GSAT) climbed 3.28%, raising its five-day gain to 8.2%. L3Harris Technologies (NYSE: LHX) and Northrop Grumman dropped 3.25% and 2.77% to lead the 13 decliners.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 133.47 | -0.35 | -0.26% |
| Dow Jones Industrial Average | 33,129.55 | 127.17 | 0.39% |
| S&P 500 | 4,263.75 | 34.30 | 0.81% |
| NASDAQ | 13,236.01 | 176.54 | 1.35% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 15.73 | 0.83 | 5.57% |
| GSAT | 1.32 | 0.06 | 4.76% |
| FLR | 35.46 | 0.84 | 2.43% |
| CG | 29.96 | 0.41 | 1.39% |
| J | 134.97 | 1.82 | 1.37% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| ACN | 309.39 | 3.16 | 1.03% |
| CACI | 312.66 | 2.77 | 0.89% |
| TTEK | 153.75 | 1.89 | 1.24% |
| J | 134.97 | 1.82 | 1.37% |
| HON | 182.5 | 1.36 | 0.75% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| LHX | 163.78 | -5.50 | -3.25% |
| NOC | 422.29 | -12.02 | -2.77% |
| BAESY | 48.39 | -1.29 | -2.60% |
| LDOS | 91.33 | -1.32 | -1.42% |
| BA | 186.73 | -2.19 | -1.16% |
