Executive Mosaic’s GovCon Index closed at $140.85 or 0.31% higher to start November and stayed positive for the third consecutive session. The Feds’ decision to keep interest rates steady caused bond yields to pull back, triggering a broad stock rally. All three major indexes finished strong, although a year-end rate hike is still possible.
The Nasdaq Composite climbed 1.64%, the Dow Jones Industrial Average gained 0.67%, and the S&P 500 (+1.05%) hit a session high. Growth-oriented tech stocks and all 11 S&P primary sectors outperformed on mid-week. Also, the ten-year U.S. Treasury note yield dropped to 4.75%, the lowest in two weeks.
Parsons (NYSE: PSN) was the top GovCon Index constituent, rising 7.99% to $61.07. The disruptive technology provider in the national security and critical infrastructure markets reported a 25% and 60% year-over-year increase in revenue and net income in the third quarter of 2023. It also announced a double-digit increase in contract awards.
Booz Allen Hamilton (NYSE: BAH) and Leidos (NYSE: LDOS) were the next-best performers out of the 20 advancers. Jacobs (NYSE: J) and Tetra Tech (Nasdaq: TTEK) slipped -2.36% and -1.05%, respectively, to lead the ten decliners.
Federal Reserve Chairman Jerome Powell said during the post-FOMC meeting press conference that the policymakers have not ruled out a rate increase in December. Only a consistent slowdown in inflation will prevent the central bank from taking drastic action. According to Powell, persistent changes in broader financial conditions can have implications for the path of monetary policy.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 140.28 | 0.43 | 0.31% |
| Dow Jones Industrial Average | 33,274.58 | 221.71 | 0.67% |
| S&P 500 | 4,237.86 | 44.06 | 1.05% |
| NASDAQ | 13,061.47 | 210.23 | 1.64% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PSN | 61.07 | 4.52 | 7.99% |
| BAH | 123.76 | 3.83 | 3.19% |
| LDOS | 101.18 | 2.06 | 2.08% |
| BAESY | 55.3 | 0.81 | 1.49% |
| BA | 189.38 | 2.56 | 1.37% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PSN | 61.07 | 4.52 | 7.99% |
| BAH | 123.76 | 3.83 | 3.19% |
| ACN | 300.64 | 3.55 | 1.19% |
| BA | 189.38 | 2.56 | 1.37% |
| LDOS | 101.18 | 2.06 | 2.08% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| J | 130.16 | -3.14 | -2.36% |
| TTEK | 149.32 | -1.59 | -1.05% |
| ICFI | 125.77 | -0.96 | -0.76% |
| GSAT | 1.4 | -0.01 | -0.71% |
| NOC | 468.26 | -3.17 | -0.67% |
