Executive Mosaic’s GovCon Index had another strong finish, ending at $142.31 or 1.43% higher than the previous day. Wall Street kept its upward momentum alive as the ten-year Treasury yield dropped to 4.6888%. The Dow Jones Industrial Average, the S&P 500 Index, and the Nasdaq Composite advanced by 1.7% or more.
The 564.5 points gain of the blue-chip Dow Jones was the highest since June 2023. More than half of its constituents have advanced more than 4% this week. For the S&P 500, it was the best day since April, while the tech-heavy Nasdaq registered its best session since July.
Palantir Technologies (NYSE: PLTR) was the hottest stock on Wall Street, surging 20.44% to $17.97. It also led the GovCon Index’s 24 advancers on Thursday. Besides reporting its most significant profit in history, the software company benefits from strong demand for its artificial intelligence (AI) platform.
Some industry analysts predict Palantir’s AI platform could lead to durable growth and profitability. Another GovCon stock, HII (NYSE: HII), gained 5.62% after reporting $2.8 billion in record revenues and $5.4 billion in new contract awards in the third quarter of 2023. KBR (NYSE: KBR) tanked the most, skidding 13.56% to $50.37.
Federal Reserve Chair Jerome Powell said the policymakers have not decided whether to hold or raise its benchmark rate in December. “The idea that it would be difficult to raise again after stopping for a meeting or two is just not right,” said Powell. “The Committee will always do what it thinks is appropriate at the time.”
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 142.31 | 2.03 | 1.43% |
| Dow Jones Industrial Average | 33,839.08 | 564.50 | 1.70% |
| S&P 500 | 4,317.78 | 79.92 | 1.89% |
| NASDAQ | 13,294.19 | 232.72 | 1.78% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 17.97 | 3.05 | 20.44% |
| HII | 233.85 | 12.86 | 5.82% |
| CG | 28.84 | 1.28 | 4.64% |
| FLR | 34.63 | 1.03 | 3.07% |
| J | 133.9 | 3.74 | 2.87% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| HII | 233.85 | 12.86 | 5.82% |
| NOC | 475.77 | 7.51 | 1.60% |
| ACN | 308.12 | 7.48 | 2.49% |
| LMT | 458.04 | 5.66 | 1.25% |
| LHX | 183.06 | 4.34 | 2.43% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| KBR | 50.37 | -7.90 | -13.56% |
| GSAT | 1.38 | -0.02 | -1.43% |
| BAH | 122.74 | -1.02 | -0.82% |
| ICFI | 124.89 | -0.88 | -0.70% |
| BAESY | 54.93 | -0.37 | -0.67% |
