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November 17 Market Report: Executive Mosaic’s GovCon Index and Wall Street End Positive on Small Gains

November 17 Market Report: Executive Mosaic’s GovCon Index and Wall Streets Ends Positive on Small Gains

Executive Mosaic’s GovCon Index atoned for its loss on Thursday and edged modestly higher to $144.06 (+0.02%). Trading was relatively quiet, although Wall Street registered another winning (third) week. The S&P 500 Index (+0.13%), Nasdaq Composite (+0.08%), and the Dow Jones Industrial Average (+0.01%) had small gains.

More than half of the GovCon Index stocks (16 f 30) finished in the red, although only the top two decliners, CGI (NYSE: GIB) and ICF (NYSE: ICFI), slipped over 1%. Palantir Technologies (NYSE: PLTR) and Globalstar (NYSE: GSAT) led the 14 advancers.

On Friday, Bell-Boeing, a joint venture between Boeing (NYSE: BA) and Textron’s (NYSE: TXT) unit, Bell Helicopter, secured a contract from the Defense Logistics Agency Aviation in Philadelphia, PA. The $41.2 million award will provide platform engineering and logistics sustainment support for the V-22 aircraft. 

The feared federal government shutdown did not materialize as the U.S. Congress approved a temporary funding package that should extend into 2024. “This year, there will be no government shutdown,” said Senate Majority Leader Chuck Schumer. The spending bill or funding patch did not include the Biden administration’s $106 billion request. 

Besides wartime aid for Israel and Ukraine, the White House wants humanitarian funding for Palestinians and had other supplemental requests. Lawmakers are likely to tackle the request after the Thanksgiving holiday.

Meanwhile, investors and traders will shift their focus on the Federal Reserve’s next action plan, including the earliest it will cut interest rates. The Federal Open Market Committee (FOMC) will hold its last and final meeting for the year from Dec. 12 to 13, 2023. The consensus is that the Feds will not implement a year-end rate hike and keep its policy rates steady at 5.25% to 5.50%.

Market Summary

GovCon Index Daily Average 144.06 0.03 0.02%
Dow Jones Industrial Average 34,947.28 1.81 0.01%
S&P 500 4,514.02 5.78 0.13%
NASDAQ 14,125.48 11.81 0.08%

Top 5 GovCon Index Daily Percentage Performers

PLTR 20.49 0.72 3.64%
GSAT 1.44 0.03 2.13%
J 135.32 2.22 1.67%
CG 31.85 0.41 1.30%
FLR 38.23 0.42 1.11%

Top 5 GovCon Index Daily Net Performers

J 135.32 2.22 1.67%
HII 236.75 2.18 0.93%
BA 208.04 1.44 0.70%
TTEK 165.1 1.37 0.84%
PLTR 20.49 0.72 3.64%

Top 5 GovCon Index Daily Percentage Decliners

GIB 101.17 -1.20 -1.17%
ICFI 129.89 -1.45 -1.10%
BAH 126.82 -1.01 -0.79%
VVX 42.4 -0.33 -0.77%
RTX 79.68 -0.55 -0.69%

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