Executive Mosaic’s GovCon Index recovered from a steep loss, finishing at $5,375.43, +0.37% higher. Major U.S. 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% |
