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November 1 Market Report: Executive Mosaic’s GovCon Index Extends Winning Streak, US Stocks Rally as Rate Hike on Hold

November 1 Market Report: Executive Mosaic’s GovCon Index Extends Winning Streak, US Stocks Rally as Rate Hike on Hold

Executive Mosaic’s GovCon Index closed at $140.85 or 0.31% higher to start November and stayed positive for the third consecutive session. The Feds’ decision to keep interest rates steady caused bond yields to pull back, triggering a broad stock rally. All three major indexes finished strong, although a year-end rate hike is still possible.

The Nasdaq Composite climbed 1.64%, the Dow Jones Industrial Average gained 0.67%, and the S&P 500 (+1.05%) hit a session high. Growth-oriented tech stocks and all 11 S&P primary sectors outperformed on mid-week. Also, the ten-year U.S. Treasury note yield dropped to 4.75%, the lowest in two weeks.

Parsons (NYSE: PSN) was the top GovCon Index constituent, rising 7.99% to $61.07. The disruptive technology provider in the national security and critical infrastructure markets reported a 25% and 60% year-over-year increase in revenue and net income in the third quarter of 2023. It also announced a double-digit increase in contract awards.

Booz Allen Hamilton (NYSE: BAH) and Leidos (NYSE: LDOS) were the next-best performers out of the 20 advancers. Jacobs (NYSE: J) and Tetra Tech (Nasdaq: TTEK) slipped -2.36% and -1.05%, respectively, to lead the ten decliners.

Federal Reserve Chairman Jerome Powell said during the post-FOMC meeting press conference that the policymakers have not ruled out a rate increase in December. Only a consistent slowdown in inflation will prevent the central bank from taking drastic action. According to Powell, persistent changes in broader financial conditions can have implications for the path of monetary policy.

Market Summary

INDEX PRICE NET CHANGE % CHANGE
GovCon Index Daily Average 140.28 0.43 0.31%
Dow Jones Industrial Average 33,274.58 221.71 0.67%
S&P 500 4,237.86 44.06 1.05%
NASDAQ 13,061.47 210.23 1.64%

Top 5 GovCon Index Daily Percentage Performers

SYMBOL PRICE NET CHANGE % CHANGE
PSN 61.07 4.52 7.99%
BAH 123.76 3.83 3.19%
LDOS 101.18 2.06 2.08%
BAESY 55.3 0.81 1.49%
BA 189.38 2.56 1.37%

Top 5 GovCon Index Daily Net Performers

SYMBOL PRICE NET CHANGE % CHANGE
PSN 61.07 4.52 7.99%
BAH 123.76 3.83 3.19%
ACN 300.64 3.55 1.19%
BA 189.38 2.56 1.37%
LDOS 101.18 2.06 2.08%

Top 5 GovCon Index Daily Percentage Decliners

SYMBOL PRICE NET CHANGE % CHANGE
J 130.16 -3.14 -2.36%
TTEK 149.32 -1.59 -1.05%
ICFI 125.77 -0.96 -0.76%
GSAT 1.4 -0.01 -0.71%
NOC 468.26 -3.17 -0.67%

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