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November 6 Market Report: Executive Mosaic’s GovCon Index Slips, Major Indexes Post Modest Gains

November 6 Market Report: Executive Mosaic’s GovCon Index Slips, Major Indexes Post Modest Gains

Executive Mosaic’s GovCon Index slipped 0.39% to $142.22 after it lost steam from Friday’s rally, but the major indexes edged higher to start the week. The Nasdaq Composite’s narrow 0.30% gain was enough to register its longest winning streak since January 2023. Both the Dow Jones (+0.10%) and S&P 500 (+0.18%) notched six straight days of wins since mid-year and July.

According to the Stock Traders’ Almanac, November is typically the best-performing month for the S&P. Adam Turnquist, an analyst from Adam Turnquis, reports that the benchmark index has generated a 7% average return from November through April since 1950. Meanwhile, more than 400 S&P companies have presented their quarterly results as the earnings season nears the end.

More than 50% (19 out of 30) of the GovCon Index constituents closed in the red on Monday. V2X (NYSE: VVX) posted the sharpest drop to lead decliners. The stock sunk 20.82% to $40.73, despite the $1 billion record revenue of the smart solutions designer in the third quarter of 2023.

ICF (NASDAQ: ICFI), the day’s best performer, rose 3.72% to $130.15. The global consulting and technology services firm reported impressive financial results and numerous contract wins recently. Other top gainers were Curtiss-Wright (NYSE: CW), CGI Group (NYSE: GIB), and Cisco Systems (Nasdaq: CSCO).

Traders still hope that stocks can sustain the upward momentum as bond yields fall. A signal on the next interest rate movement could come from Fed Chairman Jerome Powell in his coming speaking engagements.

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Average 142.22 -0.55 -0.39%
Dow Jones Industrial Average 34,095.86 34.54 0.10%
S&P 500 4,365.98 7.64 0.18%
NASDAQ 13,518.78 40.50 0.30%

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
ICFI 130.15 4.67 3.72%
CW 207.55 3.80 1.86%
GIB 101.88 0.83 0.82%
CSCO 53.29 0.28 0.53%
BAH 123.64 0.63 0.51%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
ICFI 130.15 4.67 3.72%
CW 207.55 3.80 1.86%
GIB 101.88 0.83 0.82%
GD 243.93 0.72 0.30%
BAH 123.64 0.63 0.51%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
VVX 40.73 -10.71 -20.82%
GSAT 1.35 -0.07 -4.93%
FLR 35.55 -1.11 -3.03%
LHX 181.76 -3.91 -2.11%
PLTR 18.54 -0.35 -1.85%

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