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November 30 Market Report: Executive Mosaic’s GovCon Index Ends Higher, Best Month for Wall Street

November 30 Market Report: Executive Mosaic’s GovCon Index Ends Higher, Best Month for Wall Street

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%

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