Executive Mosaic’s GovCon Index rose to the occasion, finishing 0.71% higher at $145.09 at the start of a shortened week. Wall Street reached its highest level since August, while the S&P 500 (+0.74%) and Nasdaq Composite (+1.13%) extended their winning streak to five days. The Dow Jones Industrial Average gained over 200 points (+0.58%).
Microsoft (Nasdaq: MSFT) rose to a new 52-week high and chipmaker NVIDIA (Nasdaq: NVDA) closed at an all-time high ahead of its earnings release on Tuesday. The former also hired former OpenAI CEO Sam Altman as head of its new advanced AI team.
Two GovCon Index constituents jumped more than 4% and shared the limelight with the market movers. Boeing (NYSE: BA) was the top GCI performer to lead all gainers. Deutsche Bank upgraded its rating for the aircraft manufacturer from neutral to buy. Market analysts expect the improved deliveries to result in higher cash flows.
Palantir Technologies (NYSE: PLTR) benefits from the enthusiasm for artificial intelligence. Barrons said the tech stock is on track to end 2023 with its highest finish in two years. In the losing group, V2X (NYSE: VVX) and Globalstar (NYSE: GSAT) were the top decliners.
The declining trend in Treasury yields is a plus factor for stocks, although Monday’s auction showed strong demand for the 20-year notes. The U.S. Federal Reserve will release the minutes of its November meeting on Tuesday. Investors and traders hope the rate hike campaign is complete and the Feds will start cuts in May 2024.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 145.09 | 1.02 | 0.71% |
| Dow Jones Industrial Average | 35,151.04 | 203.76 | 0.58% |
| S&P 500 | 4,547.38 | 33.36 | 0.74% |
| NASDAQ | 14,284.53 | 159.05 | 1.13% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 217.71 | 9.67 | 4.65% |
| PLTR | 21.34 | 0.85 | 4.15% |
| J | 136.98 | 1.66 | 1.23% |
| HII | 239.56 | 2.81 | 1.19% |
| CACI | 324.12 | 3.63 | 1.13% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 217.71 | 9.67 | 4.65% |
| CACI | 324.12 | 3.63 | 1.13% |
| ACN | 330.9 | 3.07 | 0.94% |
| HII | 239.56 | 2.81 | 1.19% |
| J | 136.98 | 1.66 | 1.23% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| VVX | 41.9 | -0.50 | -1.18% |
| GSAT | 1.43 | -0.01 | -0.69% |
| RTX | 79.17 | -0.51 | -0.64% |
| MMS | 81.84 | -0.47 | -0.57% |
| TTEK | 164.68 | -0.42 | -0.25% |
