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November 21 Market Report: Executive Mosaic’s GovCon Index Gives Up Gains, Winning Streak Ends

November 21 Market Report: Executive Mosaic’s GovCon Index Gives Up Gains, Winning Streak Ends

Executive Mosaic’s GovCon Index gave up gains from the last three sessions, sliding 0.09% to $144.95. The S&P 500 Index and the Nasdaq Composite snapped their five-day winning streaks, while the blue-chip Dow Jones Industrial Average shed more than 60 points (-0.18%) to close in the red.

The Federal Open Market Committee (FOMC) meeting minutes (Oct. 31 to Nov.1) have dampened investors’ sentiment. Market analysts and traders are hopeful of rate cuts soon because of slowing inflation. However, the policymakers remain reluctant and will proceed carefully. The Feds need to keep the monetary policy restrictive until they are sure inflation is trending toward the 2% target.

Treasury yields were steady after the release of the FOMC minutes, but Lowe’s (NYSE: LOW) and Best Buy (NYSE: BB) slipped after both retailers cut their fiscal year guidance. GovCon constituents Jacobs (NYSE: J) and Palantir Technologies (NYSE: PLTR) are among the biggest losers on Tuesday, falling 8.69% and 7.22%, respectively.

Decliners outnumbered gainers on the GovCon Index. On the winning side, Globalstar (NYSE: GSAT), Maximus (NYSE: MMS), and Northrop Grumman (NYSE: NOC) led the 14 advancers.

Jacobs announced entering into a definitive agreement to spin-off and combine its Critical Mission Solutions and Cyber & Intelligence government services businesses with global engineering and technology solutions provider Amentun. The merger will create a new, publicly traded player in the government services sector.

The Organization of the Petroleum Exporting Countries and its allies will meet on Sunday, Nov. 26, 2023. Industry analysts think a deeper production cut is the top agenda. Oil prices have fallen significantly since September due to demand concerns. Still, the International Energy Agency expects a slight supply surplus in 2024, even if OPEC+ extends their production cuts.

Market Summary

GovCon Index Daily Average 144.82 -0.26 -0.18%
Dow Jones Industrial Average 35,088.29 -62.75 -0.18%
S&P 500 4,538.19 -9.19 -0.20%
NASDAQ 14,199.98 -84.55 -0.59%

Top 5 GovCon Index Daily Percentage Performers

GSAT 1.46 0.03 2.10%
MMS 83.05 1.21 1.48%
NOC 471.07 5.25 1.13%
LHX 188.56 2.08 1.12%
VVX 42.36 0.46 1.10%

Top 5 GovCon Index Daily Net Performers

NOC 471.07 5.25 1.13%
LMT 448.15 4.34 0.98%
LHX 188.56 2.08 1.12%
MMS 83.05 1.21 1.48%
GD 246.41 0.63 0.26%

Top 5 GovCon Index Daily Percentage Decliners

J 125.08 -11.90 -8.69%
PLTR 19.8 -1.54 -7.22%
FLR 37.4 -0.93 -2.43%
RTX 78.15 -1.02 -1.29%
ICFI 128.95 -1.44 -1.10%

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