Executive Mosaic’s GovCon Index is back in positive territory after rising 0.27% and lifting the total to $4,603.34. The Nasdaq Composite (+0.62%) extended its winning streak to eight days, while the S&P 500 (+0.45%) inched closer to its all-time closing high posted in January 2022. Only the Dow Jones Industrial Average (+0.00%) stayed flat to start the week.
Besides retailer ETSY (Nasdaq: ETSY), market movers on Monday include mega-cap tech stocks Netflix (Nasdaq: NFLX), Meta Platforms (Nasdaq: META), and Amazon.com (Nasdaq: AMZN). The ten-year Treasury yield rose but stayed below 4%.
On the GovCon Index side, advancers outnumbered losers, 19 versus 11. Top performer V2X (NYSE: VVX) rose 2.29%, while four other constituents gained more than 1%. Palantir Technologies (NYSE: PLTR), Mercury Systems (Nasdaq: MRCY), and Boeing (NYSE: BA) led the decliners.
The last batch of important U.S. economic reports for the year will come out this week. Investors await housing market data, consumer confidence and the Personal Consumption Expenditures price index.
Market analysts forecast interest rate cuts to begin in March 2024 after policymakers ended their hike campaign last week. However, some Fed officials say people are getting ahead of the central bank. Loretta Mester, president of the Cleveland Fed, doesn’t expect an abrupt pivot to lowering borrowing costs.
Mester said the next phase is not when to reduce rates. Instead, it’s about how long the monetary policy must remain restrictive. Policymakers want to be sure that the downward trend of inflation is sustainable and that it is the timely path back to the 2% target.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Total | 4,608.34 | 12.53 | 0.27% |
| Dow Jones Industrial Average | 37,306.02 | 0.86 | 0.00% |
| S&P 500 | 4,740.56 | 21.37 | 0.45% |
| NASDAQ | 14,905.19 | 91.27 | 0.62% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| VVX | 45.51 | 1.02 | 2.29% |
| MMS | 82.85 | 1.38 | 1.69% |
| GIB | 108.28 | 1.45 | 1.36% |
| KBR | 53.97 | 0.67 | 1.26% |
| LMT | 446.91 | 5.10 | 1.15% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| LMT | 446.91 | 5.10 | 1.15% |
| NOC | 465.42 | 4.37 | 0.95% |
| HON | 205.1 | 1.70 | 0.84% |
| CACI | 319.7 | 1.60 | 0.50% |
| HII | 255.02 | 1.47 | 0.58% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| PLTR | 17.84 | -0.36 | -1.98% |
| MRCY | 36.73 | -0.73 | -1.95% |
| BA | 260.41 | -3.86 | -1.46% |
| SAIC | 124.53 | -0.92 | -0.73% |
| TTEK | 164.35 | -1.18 | -0.71% |
