Executive Mosaic’s GovCon Index had a strong start for the week, rising 0.70% to $4,642.17. All major indexes remained positive, with the Dow Jones Industrial Average (+0.36%) closing above 38,000 for the first time and the S&P 500 (+0.22%) hitting a new all-time high. The tech-heavy Nasdaq Composite rose 3.2%.
Market analysts think Wall Street is on a bull run and say it began in October 2022. The ten-year Treasury yield fell below 4.1%, adding a tailwind for US stocks. About 74% and 69% of NYSE and Nasdaq stocks advanced on Monday.
On the GovCon Index, 80% or 24 constituents advanced. Palantir Technologies (NYSE: PLTR) was the top performer with +4.89%, while CACI (NYSE: CACI), ICF (Nasdaq: ICFI), and Maximus (NYSE: MMS) gained more than 2%. Northrop Grumman (NYSE: NOC) led six decliners, although none of the tickers lost more than 1%.
With the US Federal Reserve blackout period in effect, investors’ focus shifted to corporate earnings. Large-cap stocks, including Netflix (Nasdaq: NFLX) and GCI constituents RTX (NYSE: RTX) and Lockheed Martin (NYSE: LMT), will present their quarterly results on Tuesday.
The chances of rate cuts starting in March are lower. According to CME’s FedWatch Tool, the probability decreased to 58.4% from 80% in early January. Meanwhile, the Commerce Department will release the GDP estimate and the personal consumption expenditures price index on Thursday and Friday, respectively.
Both economic reports are crucial because they can influence the Federal Open Market Committee members’ decision on interest rates when they meet later this month.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Total | 4,642.17 | 32.68 | 0.70% |
| Dow Jones Industrial Average | 38,001.81 | 138.01 | 0.36% |
| S&P 500 | 4,850.43 | 10.62 | 0.22% |
| NASDAQ | 15,360.29 | 49.32 | 0.32% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 17.6 | 0.82 | 4.89% |
| CACI | 344.69 | 8.86 | 2.64% |
| ICFI | 133.95 | 3.29 | 2.52% |
| MMS | 83.65 | 1.96 | 2.40% |
| BAH | 129.98 | 2.49 | 1.95% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CACI | 344.69 | 8.86 | 2.64% |
| CW | 226.13 | 3.36 | 1.51% |
| ACN | 367.21 | 3.31 | 0.91% |
| ICFI | 133.95 | 3.29 | 2.52% |
| BAH | 129.98 | 2.49 | 1.95% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| NOC | 466.62 | -3.86 | -0.82% |
| RTX | 85.02 | -0.51 | -0.60% |
| BAESY | 60.32 | -0.26 | -0.43% |
| TTEK | 163.51 | -0.11 | -0.07% |
| BA | 214.93 | -0.09 | -0.04% |
