Executive Mosaic’s GovCon Index climbed 1.37% to $148.15 while the Big Three U.S. indexes outperformed to start December. The broad market index S&P 500 and the blue-chip Dow Jones Industrial Average rose 0.59% and 0.82%, respectively, to close at new highs. The tech-heavy Nasdaq Composite wasn’t far behind, advancing 0.55%.
In the week-ending trading session, 42 S&P 500 stocks registered new highs, with 24 posting new all-time highs. Market analysts said the U.S. stock market rally is back on track. They credit the rebound of Nasdaq’s ‘Magnificent Seven’ or mega-cap stocks early this year for most of the gains in 2023.
On the GovCon Index, V2X (NYSE: VVX) led 29 advancers. Nine other stocks, including CAE (NYSE: CAE) and Tetra Tech (Nasdaq: TTEK), gained more than 2%. Only Globalstar (NYSE: GSAT) finished in the red, sliding 2.52%. Also, Palantir Technologies (NYSE: PLTR) rose 1.1% to push the AI stock’s year-to-date gain to 215.73%.
The eighth and last Federal Open Market Committee (FOMC) meeting this year is on December 12 and 13, although many experts expect the policymakers to hold rates steady at 5.25% to 5.50%. However, despite data showing cooling inflation and Treasury yields falling from 16-year highs, rate cuts won’t come anytime soon.
On Friday, Federal Reserve Chairman Jerome Powell said it’s “premature to conclude with confidence” that monetary policy is “sufficiently restrictive.” He added that the central bank is moving in the right direction but carefully. Some Fed officials are optimistic, although they agree the work is not over.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 148.15 | 2.03 | 1.37% |
| Dow Jones Industrial Average | 36,245.50 | 294.61 | 0.82% |
| S&P 500 | 4,594.63 | 26.83 | 0.59% |
| NASDAQ | 14,305.03 | 78.81 | 0.55% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| VVX | 44.03 | 1.63 | 3.84% |
| CAE | 20.43 | 0.55 | 2.77% |
| TTEK | 162.51 | 4.36 | 2.76% |
| CG | 35.18 | 0.90 | 2.63% |
| FLR | 39 | 0.97 | 2.55% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| CW | 219.05 | 5.15 | 2.41% |
| ACN | 338.06 | 4.92 | 1.48% |
| NOC | 479.84 | 4.68 | 0.98% |
| TTEK | 162.51 | 4.36 | 2.76% |
| LHX | 194.69 | 3.88 | 2.03% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GSAT | 1.55 | -0.04 | -2.52% |
| CSCO | 48.47 | 0.09 | 0.19% |
| LMT | 449.41 | 1.64 | 0.37% |
| HII | 238.74 | 1.72 | 0.73% |
| HON | 197.78 | 1.86 | 0.95% |
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