Executive Mosaic’s GovCon Index slipped for the second straight day, closing slightly lower at 144.03. The S&P 500 Index (+0.12%) and Nasdaq Composite (+0.07%) sustained their momentum from Tuesday’s strong rally, but the Dow Jones Industrial Average (-0.13%) snapped its four-day winning streak. Cisco Systems (Nasdaq: CSCO) and Walmart (NYSE: WMT) were the biggest decliners on the blue-chip index.
Two positive developments on Thursday strengthened the fight against stubborn inflation. Treasury yields fell again, while oil prices dropped to four-month lows. The ten-year and two-year notes slipped to 4.444% and 4.840%, respectively. Industry analysts said concerns about weakening demand and oversupply caused oil prices to plunge. US oil prices declined 6% to $72.16 per barrel, the lowest since July 7, 2023.
Cisco Systems, the worst performer on the Dow Jones, also led GovCon Index decliners. In Q1 fiscal 2024, the revenue and net income rose 8% and 36% year-over-year to $14.7 billion and $3.6 billion. However, the tech stock sunk 9.83% to $48.04, its lowest level since May. The digital communications technology company said slowing orders for networking hardware stalls growth. It also anticipates weaker sales in Q2 fiscal 2024 but expressed hope sales would pick up in the second half of the year.
Maximus (NYSE: MMS) had the most percentage gain, followed by Tetra Tech (Nasdaq: TTEK). Jacobs (NYSE: J) was among the 19 decliners and second to Cisco, sliding 2.85% to $133.10.
Mary Daly, president of the Federal Reserve Bank of San Francisco, said the Feds’ “tightening” monetary policy is proving effective. Recent economic data, including producer and consumer price indexes, indicates inflation is decelerating. Still, Daly isn’t ruling out another rate hike. She is unsure whether the central bank has done enough to achieve its 2% target.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 144.03 | -0.28 | -0.19% |
| Dow Jones Industrial Average | 34,945.47 | -45.74 | -0.13% |
| S&P 500 | 4,508.24 | 5.36 | 0.12% |
| NASDAQ | 14,113.67 | 9.83 | 0.07% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MMS | 82.77 | 3.93 | 4.98% |
| TTEK | 163.73 | 5.50 | 3.48% |
| GSAT | 1.41 | 0.02 | 1.44% |
| BAH | 127.83 | 1.07 | 0.84% |
| GIB | 102.37 | 0.69 | 0.68% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| TTEK | 163.73 | 5.50 | 3.48% |
| MMS | 82.77 | 3.93 | 4.98% |
| ACN | 327.32 | 1.82 | 0.56% |
| HON | 190.71 | 1.16 | 0.61% |
| BAH | 127.83 | 1.07 | 0.84% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CSCO | 48.04 | -5.24 | -9.83% |
| J | 133.1 | -3.90 | -2.85% |
| BAESY | 52.9 | -1.03 | -1.91% |
| VVX | 42.73 | -0.60 | -1.38% |
| CG | 31.44 | -0.36 | -1.13% |
