Executive Mosaic’s GovCon Index Total slipped 1.27% to $4,607.81 as most of its constituents closed in the red. Wall Street’s major indexes almost faltered but managed to post modest gains. The Dow Jones Industrial Average (+0.43%) closed at another record high, while the S&P 500 (+0.26%) and Nasdaq Composite (+0.19%) edged higher.
Investors were still euphoric from the previous day’s broad market rally. The possible start of rate cuts by the Feds in 2024 sent Treasury yields plummeting. Notably, the benchmark ten-year yield sunk 31 basis points to 3.998%. Oil prices hit a six-month low mid-week but rose 3% on Thursday.
On the GovCon side, the Carlyle Group (Nasdaq: CG), Fluor Corporation (NYSE: FLR), and Boeing (NYSE: BA) led the outnumbered gainers. Boeing advanced 2.12% after announcing appointments in key senior executive positions. Effective Jan. 1, 2024, the aircraft manufacturer will have a new chief operating officer and chief sustainability officer. Boeing Global Services also named a new president and chief executive officer.
Northrop Grumman (NYSE: NOC), Mercury Systems (Nasdaq: MRCY) and ICF (Nasdaq: ICF) declined more than 4%. The three and 18 other GovCon stocks pulled down the index.
On Wednesday, the Federal Open Market Committee members voted unanimously to hold interest rates steady on its last meeting in 2023. Some market analysts predict at least three rate cuts, if ever, next year.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Total | 4,607.81 | -58.57 | -1.27% |
| Dow Jones Industrial Average | 37,248.35 | 158.11 | 0.43% |
| S&P 500 | 4,719.55 | 12.46 | 0.26% |
| NASDAQ | 14,761.56 | 27.60 | 0.19% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CG | 41.99 | 3.09 | 7.94% |
| FLR | 39.67 | 0.87 | 2.24% |
| BA | 256.24 | 5.33 | 2.12% |
| PLTR | 18.21 | 0.34 | 1.90% |
| AVAV | 128.77 | 1.87 | 1.47% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 256.24 | 5.33 | 2.12% |
| CG | 41.99 | 3.09 | 7.94% |
| AVAV | 128.77 | 1.87 | 1.47% |
| FLR | 39.67 | 0.87 | 2.24% |
| TXT | 79.62 | 0.84 | 1.07% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| NOC | 463.66 | -21.35 | -4.40% |
| MRCY | 36.78 | -1.59 | -4.14% |
| ICFI | 135.05 | -5.73 | -4.07% |
| KTOS | 20.35 | -0.81 | -3.83% |
| BAH | 125.22 | -3.76 | -2.92% |
