Executive Mosaic’s GovCon Index slips 0.47% to $144.31 on mid-week amid the extended rally of the Big Three indexes. The benchmark S&P 500 and the tech-heavy Nasdaq Composite gained 0.16% and 0.07% following their powerful rallies the day before. Despite losing steam in the final hour, the blue-chip Dow Jones (+0.47%) posted modest gains.
The ten-year Treasury yield rose to 4.535%, but the slight increase had little effect on stocks. Investors focused more on the report by the Commerce Department. Retail sales in October declined 0.1%, but it was smaller than expected. Economists predicted a slowdown in the last quarter of 2023 after the strong consumer spending from July to September.
On the GovCon Index, Globalstar (NYSE: GSAT), Tuesday’s top performer, was flat. Nine constituents advanced, while 20 constituents finished in negative territory. The top gainers were Accenture (NYSE: CAN) and CGI (NYSE: GIB). ICF (NYSE: ICFI) and Parsons (NYSE: PSN) led the decliners.
Lower inflation and retail sales were good news to investors. Unfortunately, interest rate cuts won’t come anytime soon. “They’re not going to want to signal that now is the time to start talking about decreases in interest rates, even if fed funds futures already have that incorporated,” said Eric Rosengren, former Boston Fed President.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 144.31 | -0.61 | -0.42% |
| Dow Jones Industrial Average | 34,991.21 | 163.51 | 0.47% |
| S&P 500 | 4,502.88 | 7.18 | 0.16% |
| NASDAQ | 14,103.84 | 9.46 | 0.07% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 325.5 | 5.01 | 1.56% |
| GIB | 101.68 | 1.08 | 1.07% |
| BA | 208.71 | 1.24 | 0.60% |
| TXT | 77.57 | 0.44 | 0.57% |
| LMT | 445.14 | 0.92 | 0.21% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 325.5 | 5.01 | 1.56% |
| BA | 208.71 | 1.24 | 0.60% |
| GIB | 101.68 | 1.08 | 1.07% |
| LMT | 445.14 | 0.92 | 0.21% |
| TXT | 77.57 | 0.44 | 0.57% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ICFI | 131.58 | -5.67 | -4.13% |
| PSN | 62.33 | -1.28 | -2.01% |
| BAH | 126.76 | -2.56 | -1.98% |
| TTEK | 158.23 | -2.75 | -1.71% |
| CACI | 324.36 | -5.11 | -1.55% |
