Executive Mosaic’s GovCon Index sustained its momentum, rising 1.37% to $149.83. Wall Street’s Big Three lost steam and gave up gains from the previous session while the ten-year Treasury yield rose to 4.259%.
Eight of the 30 GCI stocks closed in the red, but Science Applications International Corporation (NYSE: SAIC), the top advancer, jumped 13.41% to $136. The technology integrator in the defense, space, civilian, and intelligence markets reported strong earnings growth in Q3 fiscal 2024.
Meanwhile, Palantir Technologies (NYSE: PLTR) dropped 9.23% to lead the decliners. Other top gainers were CACI International (NYSE: CACI) and Booz Allen Hamilton (NYSE: BAH).
Key economic data are due throughout the week, and investors hope it can provide hints about the possibility of rate cuts by the Federal Reserve. The highly anticipated reports mainly relate to the labor market and employment or unemployment figures.
One hint came from Fed Governor Waller, who said the monetary policy could ease if inflation data declines or cooperates over the next three to five months. A report by the Federal Reserve Bank of New York released Monday said underlying inflation pressures declined in October. The bank’s Multivariate Core Trend (MCT) inflation reading fell to 2.66% from 2.88% in September.
Still, Fed Chair Jerome Powell said last week, “While the lower inflation readings of the past few months are welcome, that progress must continue if we are to reach our 2% objective.”
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 149.83 | 1.68 | 1.12% |
| Dow Jones Industrial Average | 36,204.44 | -41.06 | -0.11% |
| S&P 500 | 4,569.78 | -24.85 | -0.54% |
| NASDAQ | 14,185.49 | -119.54 | -0.84% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| SAIC | 136 | 16.08 | 13.41% |
| CACI | 336.33 | 11.81 | 3.64% |
| BAH | 131.22 | 3.06 | 2.39% |
| LHX | 199.28 | 4.59 | 2.36% |
| LDOS | 111.3 | 2.36 | 2.17% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| SAIC | 136 | 16.08 | 13.41% |
| CACI | 336.33 | 11.81 | 3.64% |
| LHX | 199.28 | 4.59 | 2.36% |
| HII | 242.6 | 3.86 | 1.62% |
| BAH | 131.22 | 3.06 | 2.39% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 18.4 | -1.87 | -9.23% |
| GSAT | 1.51 | -0.04 | -2.58% |
| BAESY | 53.48 | -0.96 | -1.76% |
| CSCO | 48.05 | -0.42 | -0.87% |
| TXT | 77.27 | -0.61 | -0.78% |
