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January 29 Market Report: Executive Mosaic’s GovCon Index Drifts Higher, Big Tech Earnings and Rate Decision This Week

January 29 Market Report: Executive Mosaic’s GovCon Index Drifts Higher, Big Tech Earnings and Rate Decision This Week

Executive Mosaic’s GovCon Index picked up steam at the start of a busy week, rising 0.35% to $4,641.47. Two of the three major indexes log new records anew. The Dow Jones Industrial Average (+0.59%) and S&P 500 (+0.76%) posted their sixth-record close, while the tech-heavy Nasdaq Composite rose 1.12%. 

This week should be more eventful than the previous four weeks in January. The Federal Open Market Committee members will hold its first of eight rate-setting meetings in 2024. US Fed Chairman Jerome Powell will speak on behalf of the policymakers during the post-meeting press conference on the 31st to disclose the rate decision. 

Corporate earnings will flood Wall Street this week as 19% of the S&P 500 companies report quarterly results. However, the spotlight will be on mega-cap tech stocks and market-movers Alphabet (Nasdaq: GOOG) (Nasdaq: GOOGL), Microsoft (Nasdaq: MSFT), Apple (Nasdaq: AAPL), Amazon.com (Nasdaq: AMZN), Meta Platforms (Nasdaq: META).

On the GovCon Index, 21 constituents finished in the green, with Palantir Technologies (NYSE: PLTR) leading the charge, followed by Kratos Defense & Security Solutions (Nasdaq: KTOS). The top decliners were V2X (NYSE: VVX) and Booz Allen Hamilton (NYSE: BAH).

Booz Allen slid 1.35% after popping 13.58% last Friday. Meanwhile, GCI stock and Dow Jones component Boeing (NYSE: BA) will also present its profit report on Tuesday. The aircraft manufacturer withdrew its request with the Federal Aviation Administration to exempt its 737 MAX 7 for safety standard pending certification. 

The major indexes kept setting fresh records leading to the FOMC meeting on optimism of early rate cuts, the tailwind for stocks. However, before the Fed’s blackout period, four new voting members, all regional Federal bank presidents, said they were not hurrying to lower interest rates. Thus, many analysts now expect the higher-for-longer scenario to prevail.   

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Total 4,641.67 16.21 0.35%
Dow Jones Industrial Average 38,333.45 224.02 0.59%
S&P 500 4,927.93 36.96 0.76%
NASDAQ 15,628.04 172.68 1.12%

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
PLTR 17.09 0.74 4.53%
KTOS 17.63 0.43 2.50%
BAESY 61.27 0.90 1.49%
AVAV 123.88 1.78 1.46%
CG 41.14 0.54 1.33%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
HII 258.59 2.94 1.15%
ACN 373.35 2.28 0.61%
TTEK 163.25 1.81 1.12%
AVAV 123.88 1.78 1.46%
CACI 344.11 1.78 0.52%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
VVX 39.32 -0.63 -1.58%
BAH 144.4 -1.98 -1.35%
LMT 428.01 -1.90 -0.44%
RTX 90.08 -0.33 -0.36%
BA 205.19 -0.28 -0.14%