Executive Mosaic’s GovCon Index sustained momentum and rose 0.42%, ending in the green again at $141.94. Wall Street also ticked higher mid-week despite an escalating Mid-East conflict and inflation fears. The Nasdaq Composite (+0.71%) and S&P 500 (+0.43%) finished stronger than the blue-chip Dow Jones (+0.19%).
Concerns about inflation returned after the Department of Labor reported that the producer price index rose 0.5% from August to September and 2.2% from a year earlier. Some economists say the higher-than-expected result indicates inflation pressures remain. The Federal Reserve remains open to further rate hikes due to sticky inflation.
More than half of the GovCon Index constituents advanced, led by CGI Group (NYSE: GIB), Parsons (NYSE: PSN), and BAE Systems. Cisco Systems (Nasdaq: CSCO) and RTX (NYSE: RTX) led 11 decliners.
CGI acquired a leading IT and business consulting firm specializing in digital transformation, data analytics and managed services. Parsons was recently awarded a task order by the Defense Threat Reduction Agency.
Booz Allen Hamilton (NYSE: BAH) made headlines after it announced a new insight into its Artificial Intelligence portfolio. The management and technology consulting firm expects to lead in deploying AI for the federal government. Booz Allen’s new stack of AI capabilities should help accelerate the ability to achieve critical mission success.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 141.94 | 0.59 | 0.42% |
| Dow Jones Industrial Average | 33,804.87 | 65.57 | 0.19% |
| S&P 500 | 4,376.95 | 18.71 | 0.43% |
| NASDAQ | 13,659.68 | 96.84 | 0.71% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| GIB | 100.86 | 1.76 | 1.78% |
| PSN | 57.42 | 1.00 | 1.77% |
| BAESY | 52.59 | 0.77 | 1.48% |
| ICFI | 130.14 | 1.84 | 1.43% |
| TTEK | 163.41 | 2.24 | 1.39% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| NOC | 471.57 | 6.45 | 1.39% |
| TTEK | 163.41 | 2.24 | 1.39% |
| CW | 204.85 | 2.09 | 1.03% |
| ICFI | 130.14 | 1.84 | 1.43% |
| GIB | 100.86 | 1.76 | 1.78% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CSCO | 53.41 | -0.47 | -0.86% |
| RTX | 72.87 | -0.48 | -0.65% |
| ACN | 310.69 | -1.63 | -0.52% |
| LHX | 176.71 | -0.86 | -0.49% |
| CAE | 23.15 | -0.10 | -0.43% |
