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December 8 Market Report: Executive Mosaic’s GovCon Index and Wall Street Close the Week Higher

December 8 Market Report: Executive Mosaic’s GovCon Index and Wall Street Close the Week Higher

Executive Mosaic’s GovCon Index gained 0.23% to $152.01 to end the week in the green along with the Wall Street. The broader index, the S&P 500, rose 0.41% to settle at 4,604.37 points, its highest close for the year. Both the Dow Jones (+0.36%) and Nasdaq Composite (+0.45%) had six winning weeks, the indexes’ longest run since 2019.

The U.S. jobs report for November showed that 199,000 jobs were added to the economy, with healthcare and government having the most significant employment gains. Moreover, the unemployment rate was 3.7% compared to 3.9% in October. According to U.S. Acting Secretary of Labor Julie Su, it was the 22nd straight month the rate was under 4%.

“This jobs report shows steady, sturdy and sustainable economic growth, with an average monthly gain of 204,000 jobs over the past three months,” said Su. The labor force participation rate rose to 62.8%, returning to its highest level since the onset of the pandemic.

Palantir Technologies (NYSE: PLTR) year-to-date gain has risen to nearly 177% after gaining 3.19% and leading the 18 advancers on the GovCon Index. Boeing (NYSE: BA), the next-best performer, rose 3.11%. The aircraft manufacturer recently secured a $2.33 billion modification to a previously awarded U.S. Air Force contract. Honeywell (Nasdaq: HON) and Science Applications International Corporation (NYSE: SAIC) led the dozen decliners.

The final Federal Open Market Committee meeting for 2023 will begin on Tuesday, followed by a post-meeting rate announcement on Wednesday. Many economists and market analysts believe the Fed’s tightening policy or rate hike campaign is over. They expect the policymakers’ economic projections to reflect that inflation has cooled enough.

Given that inflation is trending downward, some market predictions point to a rate cut as early as March 2024. However, Fed Chair Jerome Powell said it’s premature to speculate on rate cuts. The central bank could still raise the policy rate should inflation worsen.

Market Summary

GovCon Index Daily Average 152.01 0.35 0.23%
Dow Jones Industrial Average 36,247.87 130.49 0.36%
S&P 500 4,604.37 18.78 0.41%
NASDAQ 14,403.97 63.98 0.45%

Top 5 GovCon Index Daily Percentage Performers

PLTR 17.77 0.55 3.19%
BA 244.7 7.37 3.11%
BAESY 52.85 0.97 1.87%
CG 36.93 0.64 1.76%
FLR 38.17 0.61 1.62%

Top 5 GovCon Index Daily Net Performers

BA 244.7 7.37 3.11%
ACN 337.23 2.13 0.64%
HII 246.89 1.70 0.69%
BAESY 52.85 0.97 1.87%
ICFI 139.94 0.94 0.68%

Top 5 GovCon Index Daily Percentage Decliners

HON 194.61 -3.18 -1.61%
SAIC 127.67 -1.32 -1.02%
J 127.29 -1.08 -0.84%
KBR 52.24 -0.31 -0.59%
LHX 195.81 -0.87 -0.44%

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