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October 9 Market Report: Executive Mosaic’s GovCon Index Gains Nearly 5% Despite Middle East Conflict

October 9 Market Report: Executive Mosaic’s GovCon Index Gains Nearly 5% Despite Middle East Conflict

Executive Mosaic’s GovCon Index advanced 4.75% to $141.28 amid a raging Middle East war. Many expected the latest geopolitical tension to rattle the major indexes. Instead, the Dow Jones Industrial Average (+0.59%), S&P 500 Index (+0.63%), and the Nasdaq Composite (+0.39%) posted modest gains to start the week. 

Tel Aviv-35, Israel’s plunged 6.5% on Sunday. It was the index’s most significant loss in three years, although it recovered fast from the selloff and gained 0.2% on Monday. However, besides concerns about future interest rate hikes by the Federal Reserve, investors now fear higher oil prices and inflation. 

For the GovCon Index, only Accenture (NYSE: CAN) and Fluor Corporation (NYSE: FLR) did not advance. Northrop Grumman (NYSE: NOC) led the 28 gainers, rising 11.43% to $471.61. L3Harris Technologies (NYSE: LHX), HII (NYSE: HII), Lockheed Martin (NYSE: LMT), and General Dynamics (NYSE: GD) rose by at least 8.4%. Lockheed Martin extended its dividend growth streak to 21 years after it announced a 5% dividend hike.

Israel declared an all-out war against Hamas after the militant group staged a surprise attack last Saturday. Brent crude and West Texas Intermediate (WTI) rose by 3% and might rise higher due to supply disruptions. Moreover, the risk picture could deteriorate if other countries supportive of either party join the war.

Market Summary

Index Price Net Change % Change
GovCon Index Daily Average 141.28 6.71 4.75%
Dow Jones Industrial Average 33,604.65 197.07 0.59%
S&P 500 4,335.66 27.16 0.63%
NASDAQ 13,484.24 52.90 0.39%

Top 5 GovCon Index Daily Percentage Performers

Symbol Price Net Change % Change
NOC 471.61 48.37 11.43%
LHX 180.21 16.32 9.96%
HII 221.44 18.92 9.34%
LMT 436.53 35.80 8.93%
GD 238.48 18.54 8.43%

Top 5 GovCon Index Daily Net Performers

Symbol Price Net Change % Change
NOC 471.61 48.37 11.43%
LMT 436.53 35.80 8.93%
HII 221.44 18.92 9.34%
GD 238.48 18.54 8.43%
CACI 333.35 18.15 5.76%

Top 5 GovCon Index Daily Percentage Decliners

Symbol Price Net Change % Change
FLR 36.64 -0.03 -0.08%
ACN 312.01 -0.18 -0.06%
GIB 99.67 0.33 0.33%
CG 29.72 0.13 0.44%
BA 188.49 1.11 0.59%

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