Executive Mosaic’s GovCon Index ended the week on a positive note, rising nearly 1% to finish at $142.41. Wall Street seems on track for a strong November as the widespread rally lifted the Big Three and helped them post weekly gains. The Dow Jones Industrial Average gained 391.16 points (+1.15%), while the S&P 500 and Nasdaq Composite climbed 1.56% and 2.05%, respectively.
Treasury yields didn’t surge even if the door for further rate hikes remains open. “We know that ongoing progress toward our 2% goal is not assured: Inflation has given us a few head fakes,” said Fed Chairman Jerome Powell. “If it becomes appropriate to tighten policy further, we will not hesitate to do so.”
The GovCon Index saw 29 of its 30 constituents advance on Friday. Only RTX (NYSE: RTX) ended in negative territory with its -0.25% decline. Palantir Technologies (NYSE: PLTR) was the market mover, jumping 7.66% to $19.67. The year-to-date gain is now 206.39%, boosted by the growing adoption of its Artificial Intelligence (AI) tools. Flour Corporation (NYSE: FLR) and Globalstar (NYSE: GSAT) complete the top three performers.
According to the CME Group, the operator of financial derivative exchanges, futures pricing indicates a 10% probability of a year-end rate hike. Meanwhile, traders also anticipate the start of a rate cut in mid-2024. Still, there are bigger challenges ahead. The economic data, such as U.S. inflation and retail sales coming out this week, could stabilize or unsettle the market, depending on the results.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 142.41 | 1.41 | 0.99% |
| Dow Jones Industrial Average | 34,283.10 | 391.16 | 1.15% |
| S&P 500 | 4,415.24 | 67.89 | 1.56% |
| NASDAQ | 13,798.11 | 276.66 | 2.05% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 19.67 | 1.40 | 7.66% |
| FLR | 36.19 | 1.76 | 5.11% |
| GSAT | 1.37 | 0.05 | 3.79% |
| VVX | 41.86 | 1.18 | 2.90% |
| SAIC | 112.36 | 2.43 | 2.21% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 319.69 | 5.47 | 1.74% |
| GD | 243.55 | 3.45 | 1.44% |
| BA | 196.65 | 3.32 | 1.72% |
| HON | 186.71 | 3.03 | 1.65% |
| SAIC | 112.36 | 2.43 | 2.21% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| RTX | 82.22 | -0.21 | -0.25% |
| CACI | 325.95 | 0.46 | 0.14% |
| KBR | 52.64 | 0.11 | 0.21% |
| GIB | 99.84 | 0.37 | 0.37% |
| NOC | 463.27 | 2.18 | 0.47% |
