Executive Mosaic’s GovCon Index edged lower to $145.29 at the start of the week. Wall Street’s Big Three also cooled off after four winning weeks. The Dow Jones Industrial Average (-0.16%), the S&P 500 Index (-0.20%), and the Nasdaq Composite (-0.07%) registered modest losses.
Despite the collective dip, November could still be the best month for U.S. stocks this year. Treasury yields and oil prices also retreated on Cyber Monday, while the U.S. dollar weakened against other currencies on expectations that rate hikes are over.
On the GovCon Index, eight of the 30 constituents ended in positive territory. Globalstar (NYSE: GSAT), Tetra Tech (Nasdaq: TTEK), and Fluor Corporation (NYSE: FLR) were the top three gainers. V2X (NYSE: VVX) and BAE Systems led decliners.
The third quarter 2023 earnings season is almost over, and S&P 500 companies showed surprisingly better-than-expected results. Also, this earning season marked the first year-over-year growth of the benchmark index since Q3 2022.
Corporate earnings held up well, notwithstanding the aggressive rate hike campaign by the Federal Reserve. Because the companies remain in a strong position, market analysts say it provides a foundation for further stock market gains into next year. They expect modest earnings growth for Q4 2023 (2.9%) and forecast robust 11.6% earnings growth in 2024.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 145.29 | -0.61 | -0.42% |
| Dow Jones Industrial Average | 35,333.47 | -56.68 | -0.16% |
| S&P 500 | 4,550.43 | -8.91 | -0.20% |
| NASDAQ | 14,241.02 | -9.83 | -0.07% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GSAT | 1.58 | 0.05 | 3.27% |
| TTEK | 167.66 | 3.04 | 1.85% |
| FLR | 38.3 | 0.40 | 1.06% |
| CG | 32.82 | 0.25 | 0.77% |
| ICFI | 132.94 | 1.01 | 0.77% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| TTEK | 167.66 | 3.04 | 1.85% |
| ICFI | 132.94 | 1.01 | 0.77% |
| CACI | 325.77 | 0.90 | 0.28% |
| MMS | 84.25 | 0.48 | 0.57% |
| FLR | 38.3 | 0.40 | 1.06% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| VVX | 43.57 | -0.87 | -1.96% |
| BAESY | 53.44 | -0.88 | -1.62% |
| LHX | 187.92 | -3.09 | -1.62% |
| TXT | 77.21 | -1.18 | -1.51% |
| LMT | 445.49 | -6.52 | -1.44% |
