Executive Mosaic’s GovCon Index had a strong start for the week, rising 0.78% to $153.21. The major indexes achieved milestones, with the S&P 500 Index (+0.39%) and the Nasdaq Composite registering six straight weeks of gains. It was the third winning day for the Dow Jones Industrial Average (+0.43%) and its highest close since January 2022.
Macy’s (NYSE: M), the day’s top performer, soared 19.44% to $20.77. The American department store chain received a buyout offer from Arkhouse Management and Brigade Capital Management totaling $5.8 billion.
On the GovCon Index, 80% of the constituents flashed green. Honeywell (Nasdaq: HON) and L3 Harris Technologies (NYSE: LHX) led 24 gainers, while ICF (Nasdaq: ICFI) and AeroVironment (Nasdaq: AVAV) were the top two decliners.
Honeywell rose nearly 3% after announcing an all-cash deal to acquire the CARR Global Access Solutions business of Carrier Global Corporation. The acquisition target provides advanced heating, ventilation, refrigeration, air conditioning, fire, security and building automation technologies. Honeywell expects CARR to boost its building technologies business.
L3 Harris Technologies advanced 2.69% as investors’ welcomed news that a board-appointed ad hoc committee would review the company’s operational performance. The defense contractor will also add a new independent board member next year, as agreed with major shareholder D. E. Shaw.
The Consumer Price Index report is due Tuesday or the same day the FOMC meets for the last time in 2023. Investors hope inflation data comes out lower anew. If it does, the central bank might end its rate hike campaign and look toward cuts in 2024. Fed Chairman Jerome Powell will hold a press conference after the policymakers’ meeting.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 153.21 | 1.20 | 0.78% |
| Dow Jones Industrial Average | 36,404.93 | 157.06 | 0.43% |
| S&P 500 | 4,622.44 | 18.07 | 0.39% |
| NASDAQ | 14,432.49 | 28.52 | 0.20% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| HON | 200.39 | 5.78 | 2.97% |
| LHX | 201.07 | 5.26 | 2.69% |
| MRCY | 37 | 0.72 | 1.98% |
| TXT | 77.14 | 1.21 | 1.59% |
| VVX | 43.73 | 0.66 | 1.53% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| HON | 200.39 | 5.78 | 2.97% |
| LHX | 201.07 | 5.26 | 2.69% |
| ACN | 342.31 | 5.08 | 1.51% |
| HII | 250.38 | 3.49 | 1.41% |
| BA | 248.08 | 3.38 | 1.38% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ICFI | 138.25 | -1.69 | -1.21% |
| AVAV | 123.3 | -1.49 | -1.19% |
| KTOS | 20.3 | -0.09 | -0.44% |
| CG | 36.78 | -0.15 | -0.41% |
| TTEK | 165.38 | -0.36 | -0.22% |
