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November 1 Market Report: Executive Mosaic’s GovCon Index Arrests Slide, Wall Street Rises

Executive Mosaic’s GovCon Index recovered from a steep loss, finishing at $5,375.43, +0.37% higher. Major US stock indexes also ended positive after Thursday’s selloff. The Nasdaq Composite (+0.80%) led the comeback, followed by the Dow Jones Industrial Average (-0.69%) and the S&P 500 Index (+0.41%).    

Two tech titans lifted the broad market. Amazon.com (Nasdaq: AMZN) climbed 6.19%, while Intel (Nasdaq: INTC) popped 7.81% after reporting strong quarterly earnings. However, the day’s top gainer was analytical laboratory instrument and software company Waters Corporation (NYSE: WAT) with +19.84%.

Strong rebound

 

Two-thirds, or 20, GovCon Index stocks finished with gains, nine stocks closed in the red, and L3Harris Technologies (NYSE: LHX) was flat.  Boeing (NYSE: BA) was the top gainer, while ICF (Nasdaq: ICFI) led all decliners. The index lost 2.12% overall for the week due to the sharp 2.26% drop on Oct. 31. 

Boeing’s seven-week strike could end as early as Nov. 4 if union members vote to approve the new contract offer. According to the International Association of Machinists and Aerospace Workers, wages would increase by 38% over four years under the revised proposal. The plane maker raised $19 billion by selling common shares and issuing preferred stocks.  

Economic news

 

The Bureau of Labor Statistics reported Friday that US non-farm payrolls rose by 12,000, while the unemployment rate was unchanged at 4.1%. It was the smallest job gain in more than three years, although strike disruptions and weather disturbances caused the weak payroll report. 

About 70% of S&P 500 companies have reported actual quarterly results. FactSet said the index is on track to record a fifth consecutive quarter of year-over-year earnings growth. Important events next week are the US presidential elections on Tuesday and the rate decision of the Federal Reserve on Thursday.   

Market Summary

Index Price Net Change % Change
GovCon Index Daily Average 5,375.43 18.15 0.34%
Dow Jones Industrial Average 42,052.19 288.73 0.69%
S&P 500 5,728.80 23.35 0.41%
NASDAQ 18,239.92 144.77 0.80%

Top 5 GovCon Index Daily Percentage Performers

Symbol Price Net Change % Change
BA 154.59 5.28 3.54%
HON 209.19 3.51 1.71%
BAESY 65.43 0.98 1.52%
TXT 81.46 1.04 1.29%
FLR 52.89 0.61 1.17%

Top 5 GovCon Index Daily Net Performers

Symbol Price Net Change % Change
BA 154.59 5.28 3.54%
CW 348.82 3.86 1.12%
HON 209.19 3.51 1.71%
GD 292.99 1.38 0.47%
TXT 81.46 1.04 1.29%

Top 5 GovCon Index Daily Percentage Decliners

Symbol Price Net Change % Change
ICFI 167.77 -0.82 -0.49%
CG 49.92 -0.11 -0.22%
LDOS 182.97 -0.19 -0.10%
TTEK 48.92 0.04 0.08%
CACI 553.28 0.72 0.13%