Executive Mosaic’s GovCon Index fell 1.06% to $5,426.99 following a selloff. The Dow Jones Industrial Average (-0.14%), S&P 500 (-0.21%) and Nasdaq Composite (-0.05%) ended lower on moderate losses. The latest consumer price index reading shows that inflation is slowing, but the fight isn’t over.
Micron Technology (Nasdaq: MU) on the tech-heavy index advanced 3.92%, while Advanced Micro Devices (Nasdaq: AMD) dropped 4% despite the launch of its new artificial intelligence chips. AI king NVIDIA (Nasdaq: NVDA) rose 1.63% as it continues to benefit from the AI wave.
On the GovCon Index, 26 of 30 constituents retreated, with most defense stocks posting negative returns. Palantir Technologies (NYSE: PLTR) was the top performer for the third straight trading day. The AI stock is up 153.47% year-to-date and is fast approaching $100 billion in market capitalization. BAE Systems tanked 4.21%, while four GCI stocks, including Maximus (Nasdaq: MMS), declined more than 2%.
The U.S. Army awarded BAE Systems a $184 million contract modification to manufacture an additional 48 Armored Multi-Purpose Vehicles. The AMPV vehicles with enhanced survivability, mobility, onboard power, and improved interoperability will replace the Army’s outdated M113 vehicles.
The Bureau of Labor Statistics CPI report for September was 2.4%, lower than the 2.5% in August but higher than the 2.3% consensus estimates. On the jobs market, the Labor Department reported that jobless claims applications increased by 33,000 to 258,000 for the Oct. 3 week, the most in a year.
Olu Sonola, the head of US economic research at Fitch Ratings, said, “High inflation, rather, is “dying, but not dead.” According to other market analysts, reining high inflation remains challenging. Nancy Vanden Houten, lead U.S. economist of Oxford Economics, thinks the impacts of hurricanes and the Boeing strike on unemployment are temporary.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 5,426.99 | -57.67 | -1.06% |
| Dow Jones Industrial Average | 42,454.12 | -57.88 | -0.14% |
| NASDAQ | 18,282.05 | -9.57 | -0.05% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 43.52 | 0.39 | 0.90% |
| CG | 46.94 | 0.31 | 0.66% |
| LHX | 242.35 | 0.13 | 0.05% |
| TXT | 86.35 | 0.01 | 0.01% |
| HON | 213.6 | -0.10 | -0.05% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 43.52 | 0.39 | 0.90% |
| CG | 46.94 | 0.31 | 0.66% |
| LHX | 242.35 | 0.13 | 0.05% |
| TXT | 86.35 | 0.01 | 0.01% |
| HON | 213.6 | -0.10 | -0.05% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BAESY | 65.47 | -2.88 | -4.21% |
| MMS | 88.55 | -2.27 | -2.50% |
| MRCY | 35.43 | -0.84 | -2.32% |
| KTOS | 24.43 | -0.53 | -2.12% |
| HII | 252.85 | -5.23 | -2.03% |
