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December 12 Market Report: Executive Mosaic’s GovCon Index and US Stocks Swing Higher, Feds Hold Last Meeting in 2023

December 12 Market Report: Executive Mosaic’s GovCon Index and U.S. Stocks Swing Higher, Feds Hold Last Meeting in 2023

Executive Mosaic’s GovCon Index Total rose 0.5% to $4,619.20 as 25 of 30 constituents swung higher along with most U.S. stocks. All three major indexes advanced, with the Dow Jones (+0.48%) and S&P 500 Index (+0.46%) hitting their highest intraday levels since January 2022. The Nasdaq Composite rose 0.70% to touch a new intraday high since April last year.

The Bureau of Labor Statistics released the November consumer price index report on Tuesday, showing that inflation has cooled down considerably from its 9% peak in the summer of 2022. Consumer prices rose moderately to 3.1% from a year ago. Even U.S. President Joe Biden was happy with the price growth decline.   

On the GovCon Index, Kratos (Nasdaq: KTOS), Mercury Systems (Nasdaq: MRCY), and Curtiss-Wright (NYSE: CW) advanced more than 2% to lead all gainers. Palantir Technologies (NYSE: PLTR) and RTX (NYSE: RTX) declined more than 1%, the most from the five decliners.

The eighth and last Federal Open Market Committee meeting for 2023 has begun and economists, market analysts, and stock traders expect the Feds to keep rates steady at 5.25% to 5.5%. But with inflation and bond yields easing, the markets anticipate rate cuts sooner rather than later. Fed Chair Jerome Powell will hold a press conference to announce the central bank’s rate decision after the two-day policy meeting on Wednesday. 

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Total 4,619.20 22.88 0.50%
Dow Jones Industrial Average 36,577.94 173.01 0.48%
S&P 500 4,643.70 21.26 0.46%
NASDAQ 14,533.40 100.91 0.70%

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
KTOS 20.83 0.53 2.61%
MRCY 37.89 0.89 2.41%
CW 221.17 4.55 2.10%
KBR 53.4 1.01 1.93%
HII 254.48 4.10 1.64%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
CW 221.17 4.55 2.10%
HII 254.48 4.10 1.64%
AVAV 125.13 1.83 1.48%
GIB 105.52 1.29 1.24%
BAH 127.83 1.14 0.90%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
PLTR 17.5 -0.27 -1.52%
RTX 81.04 -0.85 -1.04%
LHX 200.31 -0.76 -0.38%
MMS 85.33 -0.32 -0.37%
FLR 38.61 -0.13 -0.34%

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