Executive Mosaic’s GovCon Index edged higher to $4,751.25 to keep its momentum going from last week. The Dow Jones Industrial Average (+0.33%) rose modestly but still posted a new all-time high. Both the S&P 500 (-0.09%) and Nasdaq Composite (-0.30%) slipped after Monday’s early rally fizzled.
The tech-heavy Nasdaq Composite is on the cusp of finally breaking its record since Nov. 19, 2021. Market analysts believe the S&P 500 will likely build on its 5,000 milestone. Around 61 companies are on tap to present their quarterly results, and investors expect some earnings surprises.
The GovCon Index stayed positive as gainers outnumbered decliners (23 to 7) to start the week. V2X (NYSE: VVX), Palantir Technologies (NYSE: PLTR) and Mercury Systems (Nasdaq: MRCY) were the top three performers. Accenture (NYSE: ACN) led the losing bunch.
Meanwhile, economists and researchers from big banks, including Wells Fargo (NYSE: WFC), Deutsche Bank, and Canadian Imperial Bank of Commerce (NYSE: CM). forecast US inflation to decline below 3% for the first time in almost three years. January’s consumer price index report and core CPI data are due on Tuesday.
However, Atlanta Fed President and Federal Open Market Committee voting member Raphael Bostic anticipates the inflation rate will be near “the lower twos” by the end of 2024.
While he was surprised and pleased with the labor market’s strength, Bostic told CNN, “The question is sort of what is the underlying implication for how fast inflation can get back to 2 percent?” Like most Federal Reserve officials, Bostic is looking past a March cut. He wants to see more evidence before agreeing to ease the monetary policy.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 4,751.25 | 0.34 | 0.21% |
| Dow Jones Industrial Average | 38,797.38 | 125.69 | 0.33% |
| S&P 500 | 5,021.84 | -4.77 | -0.09% |
| NASDAQ | 15,942.55 | -48.11 | -0.30% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| VVX | 39.2 | 1.40 | 3.70% |
| PLTR | 25.05 | 0.67 | 2.75% |
| MRCY | 29.88 | 0.58 | 1.98% |
| MMS | 83.96 | 1.39 | 1.68% |
| ICFI | 148.31 | 2.26 | 1.55% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| HON | 197.35 | 2.51 | 1.29% |
| ICFI | 148.31 | 2.26 | 1.55% |
| HII | 275.74 | 1.84 | 0.67% |
| LMT | 428.07 | 1.57 | 0.37% |
| LHX | 211.26 | 1.42 | 0.68% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 367.43 | -4.24 | -1.14% |
| GIB | 113.4 | -0.97 | -0.85% |
| NOC | 451.47 | -3.45 | -0.76% |
| BAH | 145.89 | -0.80 | -0.55% |
| GD | 269.44 | -0.70 | -0.26% |
