Executive Mosaic’s GovCon Index drifted lower again to $144.52, extending its losing streak in post-Thanksgiving to four days. Wall Street’s Big Three had mixed results on mid-week. Only the blue-chip Dow Jones (+0.04%) gained, while the S&P 500 (-0.09%) and Nasdaq Composite (-0.16%) ended in the red.
General Motors (NYSE: GM) was among the market movers, popping 9.38% after announcing a massive buyback plan and dividend hike. The auto manufacturer said it could absorb them despite higher labor costs from union contracts.
On the GovCon Index side, decliners outnumbered advancers (17 to 12), with CGI (NYSE: GIB) staying flat. ICF (Nasdaq: ICFI), Globalstar (NYSE: GSAT), and Jacobs (NYSE: J) were the top gainers. CAE (NYSE: CAE) sunk below $20 for the first time since Jan. 6, 2023, after losing more than 5%.
Boeing (NYSE: BA) gained nearly 1% because of news that Canada might announce a multi-billion-dollar sole-source contract for its P-8 Poseidon maritime patrol aircraft. The draft agreement between the US and Canadian governments for the sale of the said aircraft and associated training and equipment will expire on Thursday.
Meanwhile, the Commerce Department report on the U.S. economy for the third quarter of 2023 showed surprisingly good business investment and stronger government spending. Based on the second estimate of the Bureau of Economic Analysis, real gross domestic product increased at an annual rate of 5.2% compared to 2.1% in the second quarter. The report said that besides consumer spending, private inventory investment, and exports, the real GDP increase reflects higher state, local, and federal government spendings.
On the oil market, crude prices gained almost 2% ahead of the OPEC+ meeting on Thursday. Industry analysts anticipate the cartel will discuss output restrictions and implement deeper production cuts. They say the additional output cut could be 1 million barrels per day on top of the existing voluntary daily cut of 1 million.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 144.52 | -0.42 | -0.29% |
| Dow Jones Industrial Average | 35,430.42 | 13.44 | 0.04% |
| S&P 500 | 4,550.58 | -4.31 | -0.09% |
| NASDAQ | 14,258.49 | -23.27 | -0.16% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ICFI | 136 | 2.98 | 2.24% |
| GSAT | 1.59 | 0.03 | 1.92% |
| J | 126.2 | 2.14 | 1.73% |
| KBR | 51.6 | 0.81 | 1.59% |
| RTX | 80.95 | 0.76 | 0.95% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ICFI | 136 | 2.98 | 2.24% |
| J | 126.2 | 2.14 | 1.73% |
| BA | 224.43 | 2.06 | 0.93% |
| KBR | 51.6 | 0.81 | 1.59% |
| ACN | 333.34 | 0.78 | 0.23% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CAE | 19.46 | -1.07 | -5.21% |
| TXT | 74.83 | -1.84 | -2.40% |
| TTEK | 158.29 | -2.88 | -1.79% |
| BAESY | 52.94 | -0.70 | -1.30% |
| CACI | 317.01 | -4.15 | -1.29% |
