Executive Mosaic’s GovCon Index popped 1.1% to $146.13 for a resounding end to November. The Dow Jones Industrial advanced 1.47% to post a new high for the year, while the S&P 500 rose 0.38%. Both indexes closed out the month with an 8.9% gain. Profit-taking brought down the Nasdaq Composite (-0.23%), although the tech-heavy index had the best monthly performance with its 10.7% positive return.
Salesforce (NYSE: CRM), a Dow Jones member, popped 9.36% after the cloud software company released better-than-expected earnings and revenue results. The collapse of the ten-year Treasury yield and strong corporate earnings lifted U.S. stocks and helped the indexes post solid gains in November.
Boeing (NYSE: BA), the top-performing stock on the GovCon Index, led 25 gainers. Its share price jumped 3.21% to $231.63 after the Canadian Defense Ministry announced a $7.7 billion deal to purchase 16 Boeing aircraft. ICF (Nasdaq: ICFI), Textron (NYSE: TXT), and CAE (NYSE: CAE) gained more than 2%.
The Commerce Department released the Fed’s top inflation gauge on Thursday. Data shows the core Personal Consumption Expenditures price index, excluding food and energy prices, rose 0.2% last month and 3.5% for the year ended in October. With headline inflation flat at 3% for the 12-month period, market analysts are optimistic the Feds won’t announce a rate hike on Dec. 13, 2023, after the FOMC meeting.
Meanwhile, during their online meeting, the OPEC+ members agreed to more than two million barrels per day in voluntary cuts through the first three months of 2024. With the expanded cuts, oil prices could stay between $80 and $85 per barrel until the first half of next year according to industry analysts. The cartel also announced that Brazil would join the alliance in January.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 146.13 | 1.61 | 1.10% |
| Dow Jones Industrial Average | 35,950.89 | 520.47 | 1.47% |
| S&P 500 | 4,567.80 | 17.22 | 0.38% |
| NASDAQ | 14,226.22 | -32.27 | -0.23% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 231.63 | 7.20 | 3.21% |
| ICFI | 139.95 | 3.95 | 2.90% |
| TXT | 76.66 | 1.83 | 2.45% |
| CAE | 19.88 | 0.42 | 2.16% |
| NOC | 475.16 | 7.75 | 1.66% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| NOC | 475.16 | 7.75 | 1.66% |
| BA | 231.63 | 7.20 | 3.21% |
| ICFI | 139.95 | 3.95 | 2.90% |
| CACI | 320.95 | 3.94 | 1.24% |
| CW | 213.9 | 3.33 | 1.58% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CG | 34.28 | -0.24 | -0.70% |
| VVX | 42.4 | -0.10 | -0.24% |
| TTEK | 158.15 | -0.14 | -0.09% |
| ACN | 333.14 | -0.20 | -0.06% |
| KBR | 51.67 | 0.07 | 0.14% |
