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January 19 Market Report: Executive Mosaic’s GovCon Index Edges Higher, S&P 500 Posts New All-Time High

January 19 Market Report: Executive Mosaic’s GovCon Index Edge Higher, S&P 500 Post New All-Time High

Executive Mosaic’s GovCon Index posted a modest 0.04% gain and sustained its momentum from Thursday’s rally to close slightly higher at $4,609.49. The S&P 500 Index advanced 1.23% to 4,839.81 points to surpass its all-time high recorded on January 3, 2022, while the blue-chip Dow Jones (+1.05%) registered another record close, the second time in 2024. Surging tech stocks pushed the Nasdaq Composite higher (+1.70%). 

Notably, 70% of NYSE stocks advanced, and 95 posted new 52-week highs. Despite the rough start to 2024, the three major indexes are up year-to-date. The ten-year Treasury yield settled at 4.145%, marking its biggest one-week gain in three months.

On the GovCon Index, the Carlyle Group (Nasdaq: CG) and Palantir Technologies (NYSE: PLTR) advanced more than 2% to lead the gainers. Boeing (NYSE: BA) rose 1.61% to stay in positive territory. HII (NYSE: HII) and Fluor Corporation (NYSE: FLR), along with 14 other tickers, closed in the red. 

On Friday, HII’s Mission Technologies division announced receiving a $197 million recompete task order contract to conduct research and development for the Joint Training Synthetic Environment. The Joint Staff J7, Deputy Director of Joint Training, administers the contract that supports joint force readiness.

Carlyle’s Co-founder and Co-chairman, Dave Rubenstein, told Bloomberg Television that he expects more M&A activity and a lot more private equity activity with recession fears gone and when interest rates come down this year. Morgan Stanley’s (NYSE: MS) new CEO, Ted Pick, also believes deals should pick up once the Federal Reserve drives interest rates down.

Meanwhile, San Francisco Federal Reserve Bank President Mary Daly spoke before the San Diego County Economic Roundtable. “The risks to the economy are balanced, and the risks to both sides of our mandate are balanced,” she said. However, Daly thinks it would be premature to think interest-rate cuts are around the corner, and there’s a lot of work to do. 

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Total 4,609.49 1.76 0.04%
Dow Jones Industrial Average 37,863.80 395.19 1.05%
S&P 500 4,839.81 58.87 1.23%
NASDAQ 15,310.97 255.32 1.70%

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
CG 39.73 0.92 2.37%
PLTR 16.78 0.38 2.32%
BA 215.02 3.41 1.61%
GIB 108.48 1.39 1.30%
CACI 335.83 4.17 1.26%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
ACN 363.9 4.35 1.21%
CACI 335.83 4.17 1.26%
BA 215.02 3.41 1.61%
GIB 108.48 1.39 1.30%
CG 39.73 0.92 2.37%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
HII 256.23 -3.96 -1.52%
FLR 36.94 -0.37 -0.99%
NOC 470.48 -4.15 -0.87%
KTOS 18.35 -0.16 -0.86%
GD 249.34 -1.61 -0.64%