Executive Mosaic’s GovCon Index ended lower (-0.68%), if not flat, like the major U.S. indexes a day before Wednesday’s Federal Open Market Committee meeting. Due to the lack of catalysts to push stock prices higher, the Dow Jones Industrial Average (-0.02%), Nasdaq Composite (-0.1%), the S&P 500 Index (-0.07%) hardly moved from yesterday.
Market participants are sure the U.S. Federal Reserve will pause and keep the current benchmark interest rate range of 5.25 to 5.5 percent this month. However, they also concede that the rate hike campaign is ongoing and one to two more increases are possible.
The Consumer Price Index, the key barometer of inflation, rose to 3.7% in August from 3.2% in July. Also, rising gasoline prices that could push headline inflation higher is the latest dilemma of central banks.
The benchmark prices of Brent crude and West Texas Intermediate hit nearly $94 and $90 per barrel recently and are marching towards $100 per barrel. Fed Chairman Jerome Powell and the policymakers face a serious challenge to restore price stability and bring inflation down sooner rather than later.
On the GCI Index, Fluor (NYSE: FLR) was the top gainer, climbing 4.37% to $38.20. The industrial stock continues to buck the negative trend, advancing 8.77% in the last five days. Globalstar (NSYE: GSAT) sunk 4.35% to $1.32 to lead 22 decliners.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 138.62 | -0.60 | -0.44% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| FLR | 38.2 | 1.60 | 4.37% |
| LHX | 176.14 | 1.01 | 0.58% |
| CACI | 320.3 | 1.64 | 0.51% |
| VVX | 50.25 | 0.23 | 0.46% |
| ACN | 317.33 | 1.45 | 0.46% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CACI | 320.3 | 1.64 | 0.51% |
| FLR | 38.2 | 1.60 | 4.37% |
| ACN | 317.33 | 1.45 | 0.46% |
| LHX | 176.14 | 1.01 | 0.58% |
| HON | 195.35 | 0.89 | 0.46% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| GSAT | 1.32 | -0.06 | -4.35% |
| PLTR | 15.15 | -0.31 | -2.01% |
| CAE | 24.19 | -0.49 | -1.99% |
| SAIC | 108.11 | -1.97 | -1.79% |
| HII | 208.92 | -3.36 | -1.58% |
