Hello, Guest!

October 24 Market Report: Executive Mosaic’s GovCon Index Extends Losing Streak, Broader S&P 500 Gains

Home Uncategorized October 24 Market Report: Executive Mosaic’s GovCon Index Extends Losing Streak, Broader S&P 500 Gains
October 24 Market Report: Executive Mosaic’s GovCon Index Extends Losing Streak, Broader S&P 500 Gains

Executive Mosaic’s GovCon Index declined 0.11% to $5,479.30, matching the four-day losing streak of the Dow Jones Industrial Average (-0.33%). However, the broader S&P 500 (+0.21%) ended its losing run, while the Nasdaq Composite (+0.76%) recovered from Wednesday’s steep loss.

TESLA (Nasdaq: TSLA) outperformed Thursday with +21.92%, its best performance in 10 years. Besides the better-than-expected earnings in the third-quarter, the electric vehicle maker plans to produce more-affordable models starting in 2025. However, International Business Machines (NYSE: IBM) plunged 6.17% after quarterly revenue results fell below analysts’ estimates. 

GovCon Index Movers

On the side of federal government contractors, the GovCon Index had more decliners than gainers. CACI International (NYSE: CACI), the top performer among 13 advancers, popped 5.43%. Textron (NYSE: TSX) and Honeywell (Nasdaq: HON), dropped sharply to lead 17 underperformers.

CACI announced its Q1 fiscal 2025 results that showed top and bottom-line growth. In the three months ending Sept. 30, 2024, revenues and net income rose 11.2% and 39% to $2.06 billion and $120.2 million compared to Q1 fiscal 2024. Around 75% of the $3.3 billion contract awards in the first quarter are new business. The professional services and IT firm raised its full-year guidance.

Textron tanked 6.19% after reporting a 17% net income drop in Q3 2024 versus Q3 2023 to $223 million. According to the industrial conglomerate, the recent strike of the International Association of Machinists and Aerospace Workers District 70 adversely impacted the quarterly results.

Honeywell, also a Dow Jones component, declined 5.1% despite reporting a 6% year-over-year sales growth in Q3 2024 to $9.7 billion from a year ago. The aviation and safety equipment manufacturer lowered its sales guidance for 2024. From $39.1 billion to $39.7 billion, the revised forecast is now $38.6 billion to $38.8 billion.

Labor Market Update

Also, on Thursday, the Department of Labor released the initial jobless claims report. Around 227,000 filed applications in the week ending Oct. 19, a drop from 241,000 the week prior and the lowest level in a month. Oren Klachkin, a financial market economist at Nationwide, told clients, “In a testament to its resiliency, the job market continues to shrug off prevailing worries and uncertainties.”

Market Summary

Index Price Net Change % Change
GovCon Index Daily Average 5,479.30 -6.11 -0.11%
Dow Jones Industrial Average 42,374.36 -140.59 -0.33%
NASDAQ 18,415.49 138.84 0.76%

Top 5 GovCon Index Daily Percentage Performers

Symbol Price Net Change % Change
CACI 552.55 28.45 5.43%
PLTR 43.56 0.97 2.28%
BAH 166.55 3.29 2.02%
CG 50.11 0.86 1.75%
NOC 523.68 7.28 1.41%

Top 5 GovCon Index Daily Net Performers

Symbol Price Net Change % Change
CACI 552.55 28.45 5.43%
NOC 523.68 7.28 1.41%
BAH 166.55 3.29 2.02%
AVAV 215.66 0.98 0.46%
PLTR 43.56 0.97 2.28%

Top 5 GovCon Index Daily Percentage Decliners

Symbol Price Net Change % Change
TXT 81.49 -5.38 -6.19%
HON 209.1 -11.24 -5.10%
MRCY 33.19 -0.61 -1.80%
ACN 364.23 -6.40 -1.73%
CW 344.31 -5.86 -1.67%