Executive Mosaic’s GovCon Index backtracked on Friday and gave up the gains from the previous day, slipping 0.40% to close at $138.28. Volatility took over with all three major U.S. indices tumbling after Thursday’s rally.
December 11, 2023
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GovCon News
September 18 Market Report: GovCon Index and Wall Street Post Modest Gains to Start the Week
Executive Mosaic’s GovCon Index kept pace with Wall Street to start the week, posting modest gains characterized by quiet trading. All eyes are on the Feds as Chairman Jerome Powell and the governing council meet mid-week.
September 19 Market Report: GovCon Index Closes Lower Before Day of Decision
Executive Mosaic’s GovCon Index ended lower (-0.68%) like the major U.S. indexes a day before Wednesday’s Federal Open Market Committee meeting. Due to the lack of catalysts to push stock prices higher, the Dow Jones Industrial Average (-0.02%), Nasdaq Composite (-0.1%), the S&P 500 Index (-0.07%) hardly moved from yesterday.
September 20 Market Report: GovCon Index in Green, US Stock Indices Sink as Feds Pause Rate Hike but Hints One More Before Year-End
Executive Mosaic’s GovCon Index stayed afloat mid-week, gaining a modest 0.02% to close at $138.65. Unfortunately, all major US stock indices sank after the Feds kept its benchmark rate unchanged, but hints of one more hike before the year ends.
September 21 Market Report: GovCon Index and US Indices Retreat on Selloff, Bonds Rise to Highest Level
Executive Mosaic’s GovCon Index fell 1.86% to $136.11, and U.S. stocks slumped following the Feds’ hike pause but “higher rates for longer” warning on mid-week. The ten-year Treasury yield climbed to 4.48%, its highest level since 2007.
September 22 Market Report: Executive Mosaic’s GovCon Index Closed Lower as Wall Street Extends Losing Streak
Executive Mosaic’s GovCon Index was not spared from the market correction, closing 0.70% lower at $135.16. While the index lost for the second straight day, eight constituents gained compared to only one from the previous trading day. All three major US indices extended their losing streak to four days.
September 25 Market Report: Executive Mosaic’s GovCon Index & U.S. Indices Close Modestly Higher to Start a Critical Week
Executive Mosaic’s GovCon Index averted a three-losing streak, while the major US indices ended their slump to start a critical week. However, the equities market remains shaky due to surging bond yields, downward revisions of corporate earnings estimates, and a potential government shutdown.
September 26 Market Report: Executive Mosaic’s GovCon Index Back in the Red, US Indexes Post Sharp Losses
Executive Mosaic’s GovCon Index is back in the red, slipping 0.99% to $134.27 following the sharp losses of three major US indexes. The Dow Jones Industrial Average registered its most significant one-day drop since March this year, while the Nasdaq Composite and the S&P 500 Index declined 1.57% and 1.47%.
September 27 Market Report: Executive Mosaic’s GovCon Index, S&P 500 and Nasdaq Rebound, Treasury Yield Reaches Highest Level
Executive Mosaic’s GovCon Index rebounded from Tuesday’s loss, climbing 1.01% to $135.64. Nasdaq Composite (+0.22%) and the S&P 500 Index (-0.02%) edged higher, but the Dow Jones finished in the red. The 10-year Treasury Yield rose five basis points to 4.612%, reaching its highest level in 15 years.
September 28 Market Report: Executive Mosaic’s GovCon Index Slips, US Indexes Gain from Pullback in Oil Prices and Treasury Yields
Executive Mosaic’s GovCon Index shed 0.17% to close lower at $135.42, but the pullback in oil prices and Treasury yield boosted the major U.S. indexes. The tech-heavy Nasdaq Composite (+0.83%) gained the most from the reduced selling pressure, while the S&P 500 (+0.59%) and the Dow Jones (+0.35%) ticked higher.
September 29 Market Report: Executive Mosaic’s GovCon Index and Wall Street Retreat to End a Typically Worst Month for Stocks
Executive Mosaic’s GovCon Index gained 0.1% to close at $135.54 on the last trading day of the month and quarter. All three major indexes had a good start but lost steam eventually. The Nasdaq Composite rose 0.14%, but the Dow Jones and S&P 500 fell 0.47% and 0.27%.
October 2 Market Report: Executive Mosaic’s GovCon Index Ends Lower to Start Fourth Quarter 2023, Last Minute Deal Averts Shutdown
Executive Mosaic’s GovCon Index had a weak start to October, slipping 0.28% to $134.87. On Wall Street, the Nasdaq Composite and S&P 500 Index gained, while the Dow Jones Industrial Average declined. A last minute funding bill by the House and Senate averted a government shutdown.