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December 14 Market Report: Executive Mosaic’s GovCon Index Slides, Major Indexes Post Modest Gains

December 14 Market Report: Executive Mosaic’s GovCon Index Slides, Major Indexes Post Modest Gains

Executive Mosaic’s GovCon Index Total slipped 1.27% to $4,607.81 as most of its constituents closed in the red. Wall Street’s major indexes almost faltered but managed to post modest gains. The Dow Jones Industrial Average (+0.43%) closed at another record high, while the S&P 500 (+0.26%) and Nasdaq Composite (+0.19%) edged higher.

Investors were still euphoric from the previous day’s broad market rally. The possible start of rate cuts by the Feds in 2024 sent Treasury yields plummeting. Notably, the benchmark ten-year yield sunk 31 basis points to 3.998%. Oil prices hit a six-month low mid-week but rose 3% on Thursday.

On the GovCon side, the Carlyle Group (Nasdaq: CG), Fluor Corporation (NYSE: FLR), and Boeing (NYSE: BA) led the outnumbered gainers. Boeing advanced 2.12% after announcing appointments in key senior executive positions. Effective Jan. 1, 2024, the aircraft manufacturer will have a new chief operating officer and chief sustainability officer. Boeing Global Services also named a new president and chief executive officer. 

Northrop Grumman (NYSE: NOC), Mercury Systems (Nasdaq: MRCY) and ICF (Nasdaq: ICF) declined more than 4%. The three and 18 other GovCon stocks pulled down the index.

On Wednesday, the Federal Open Market Committee members voted unanimously to hold interest rates steady on its last meeting in 2023. Some market analysts predict at least three rate cuts, if ever, next year.

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Total 4,607.81 -58.57 -1.27%
Dow Jones Industrial Average 37,248.35 158.11 0.43%
S&P 500 4,719.55 12.46 0.26%
NASDAQ 14,761.56 27.60 0.19%

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
CG 41.99 3.09 7.94%
FLR 39.67 0.87 2.24%
BA 256.24 5.33 2.12%
PLTR 18.21 0.34 1.90%
AVAV 128.77 1.87 1.47%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
BA 256.24 5.33 2.12%
CG 41.99 3.09 7.94%
AVAV 128.77 1.87 1.47%
FLR 39.67 0.87 2.24%
TXT 79.62 0.84 1.07%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
NOC 463.66 -21.35 -4.40%
MRCY 36.78 -1.59 -4.14%
ICFI 135.05 -5.73 -4.07%
KTOS 20.35 -0.81 -3.83%
BAH 125.22 -3.76 -2.92%