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December 15 Market Report: Executive Mosaic’s GovCon Index Edges Lower, Wall Street Still on Overdrive

December 15 Market Report: Executive Mosaic’s GovCon Index Total Edge Lower, Wall Street Still on Overdrive

Executive Mosaic’s GovCon Index Total ended the week weaker, edging 0.26% lower to $4595.81. Despite erratic trading activity, Wall Street remained on overdrive. The Dow Jones Industrial Average (+0.15%) recorded its third all-time high in a row, while the Nasdaq Composite (+0.35%) hit a record close. The S&P 500 (-0.01%) was relatively flat but marked its longest weekly winning streak since 2017.

All three major averages gained at least 2.5% for the week because of the Fed-induced rally. Big tech names Microsoft (Nasdaq: MSFT), Intel (Nasdaq: INTC), and Salesforce (NYSE: CRM) were the market movers on Friday. The chipmakers continue to capitalize on AI opportunities.

On the GovCon Index, Boeing (NYSE: BA) was the top performer with its 3.13% gain. The aerospace & defense stock registered its eighth straight winning day and seventh winning week in a row. The upgrade from multinational investment bank UBS to a buy rating helped boost the share price.

BAE Systems (+1.30%) shared the limelight with Boeing and seven other advancers. Last week, the Department of Defense awarded the company an $8.8 billion contract to maintain and operate a US Army ammunition plant in Tennessee. 

Maximus (NYSE: MMS) and AeroVironment (Nasdaq: AVAV) led 20 decliners, while Honeywell (Nasdaq: HON) was flat.

The central bank held rates steady again in the last FOMC meeting for the year. Market analysts believe a brightening inflation picture could lead to multiple rate cuts in 2024. “Recent indicators suggest that growth in economic activity has slowed substantially from the outsized pace seen in the third quarter,” said Fed Chair Jerome Powell. 

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Total 4,595.81 -12.00 -0.26%
Dow Jones Industrial Average 37,305.16 56.81 0.15%
S&P 500 4,719.19 -0.36 -0.01%
NASDAQ 14,813.92 52.36 0.35%

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
BA 264.27 8.03 3.13%
MRCY 37.46 0.68 1.85%
BAESY 54.74 0.70 1.30%
LHX 208.37 1.77 0.86%
CW 219.69 1.50 0.69%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
BA 264.27 8.03 3.13%
LHX 208.37 1.77 0.86%
CW 219.69 1.50 0.69%
ACN 344.15 1.42 0.41%
GD 252.55 1.40 0.56%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
MMS 81.47 -2.11 -2.52%
AVAV 126.18 -2.59 -2.01%
RTX 80.28 -1.58 -1.93%
ICFI 132.73 -2.32 -1.72%
J 126.79 -2.11 -1.64%