Hello, Guest!

January 25 Market Report: Executive Mosaic’s GovCon Index Slides Further, Major Indexes Advance

January 25 Market Report: Executive Mosaic’s GovCon Index Slides Further, Major Indexes Advance

Executive Mosaic’s GovCon Index slumped for the third straight day, sliding 0.55% to $4,584.12. In contrast, Wall Street’s major indexes responded positively to the better-than-expected GDP growth. The S&P 500 (+0.53%) registered a fifth all-time high, while the Dow Jones Industrial Average (+0.64%) and Nasdaq Composite (+0.18%) posted gains. 

IBM (NYSE: IBM) surged 9.49%, and four of five S&P 500 stocks advanced on Thursday. After finishing slightly above the threshold, Microsoft (Nasdaq: MSFT) officially joined Apple (Nasdaq: AAPL) in the $3 trillion club.

Advancers outnumbered decliners on the GovCon Index, although top-weighted constituents Northrop Grumman (NYSE: NOC) and Boeing (NYSE: BA) pulled the index down with their 6.33% and 5.72% sharp drops. The Carlyle Group (NYSE: CG) rose 3.1% to lead the gainers.

Northrop Grumman had a record $84.2 backlog at the end of 2023 but reported a $585 net loss in the fourth quarter compared to the $2 billion net income in Q4 2022. It was the defense contractor’s first profit decline in four quarters. For Boeing, the Federal Aviation Association will not approve any request to expand production of the 737 Max aircraft until it resolves quality control issues.

The real GDP rose to an annual rate of 3.3% in the fourth quarter of 2023, as shown by the Bureau of Economics Analysis’s “advance” estimate report. On the labor market, initial jobless claims increased by 25,000 from the previous week to 214,000. Despite the progress on inflation, some market analysts think rate cuts could begin in May 2024, not March.

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Total 4,584.12 -25.05 -0.55%
Dow Jones Industrial Average 38,049.13 242.74 0.64%
S&P 500 4,894.16 25.61 0.53%
NASDAQ 15,510.50 28.58 0.18%

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
CG 40.96 1.23 3.10%
GD 265.86 4.68 1.79%
RTX 90.94 1.45 1.62%
ICFI 138.07 1.93 1.42%
HON 202.56 2.69 1.35%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
GD 265.86 4.68 1.79%
ACN 371.94 3.04 0.82%
HON 202.56 2.69 1.35%
ICFI 138.07 1.93 1.42%
J 135.71 1.62 1.21%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
NOC 434.55 -29.37 -6.33%
BA 201.88 -12.25 -5.72%
PLTR 16.46 -0.29 -1.73%
CACI 334.14 -5.85 -1.72%
MRCY 30.92 -0.23 -0.74%