Executive Mosaic’s GovCon Index returned to red territory after slipping 0.23% to $4,571.84. U.S. stocks wavered for most of the trading but the major indexes eventually closed mixed. The Dow Jones Industrial Average (+0.04%) and S&P 500 (-0.07%) posted slight gains and losses, while the Nasdaq Composite snapped its winning streak and finished flat.
The movement on the GovCon Index reversed from mid-week, as decliners outnumbered advancers (20 to 10) on Thursday. Maximus (NYSE: MMS) and AeroVironment (Nasdaq: AVAV) led the advancers. Boeing (NYSE: BA) and V2X (NYSE: VVX) had the most significant percentage declines.
Boeing fell 2.27% to $222.66 as the backlash from the 737 midair blowout accident continues. The Federal Aviation Administration opened a formal investigation of the company’s aircraft operations. Boeing said it will cooperate fully and be transparent with the FAA and the National Transportation Safety Board on their investigations.
The inflation report released by the Bureau of Labor Statistics showed that the Consumer Price Index rose 3.4% in December 2023 from 3.1% in November. FactSet consensus estimate for the annual overall inflation rate was lower, or 3.2%. Still, economists believe the latest number will not alter the Feds’ plan to implement three rate cuts, at least in 2024.
Meanwhile, mortgage rates inched higher in response to the inflation data. Industry experts say mortgage borrowers will likely wait longer before decrease this year. The current 30-year fixed mortgage rate went up to 6.43% this week.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Total | 4,571.84 | -10.38 | -0.23% |
| Dow Jones Industrial Average | 37,711.02 | 15.29 | 0.04% |
| S&P 500 | 4,780.24 | -3.21 | -0.07% |
| NASDAQ | 14,970.18 | 0.53 | 0.00% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| MMS | 79.65 | 1.83 | 2.35% |
| AVAV | 124.08 | 2.08 | 1.70% |
| ICFI | 131.56 | 1.26 | 0.97% |
| ACN | 347.97 | 2.64 | 0.76% |
| GIB | 106.74 | 0.80 | 0.76% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 347.97 | 2.64 | 0.76% |
| AVAV | 124.08 | 2.08 | 1.70% |
| MMS | 79.65 | 1.83 | 2.35% |
| ICFI | 131.56 | 1.26 | 0.97% |
| TTEK | 165.13 | 1.10 | 0.67% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| BA | 222.66 | -5.18 | -2.27% |
| VVX | 39.14 | -0.58 | -1.46% |
| NOC | 467.34 | -4.61 | -0.98% |
| KTOS | 18.41 | -0.17 | -0.92% |
| RTX | 85.32 | -0.76 | -0.88% |
