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November 28 Market Report: Executive Mosaic’s GovCon Index Stays Red, Big Three Inch Higher

November 28 Market Report: Executive Mosaic’s GovCon Index Stays Red, Big Three Inched Higher

Executive Mosaic’s GovCon Index slipped 0.24% to $144.94 and stayed in red territory, while the top indexes inched higher. The Nasdaq Composite (+0.29%) had the highest percentage gain, followed by the Dow Jones Industrial (+0.24%) and the S&P 500 (+0.10%). US stocks got a boost from comments by a key Federal Reserve official regarding declining inflation.

Christopher Waller, a Fed Board of Governors member, expressed confidence the Feds’ policy is well-positioned to slow the economy and get inflation back to 2%. He noted the progress in the fight against inflation, but it’s still too high. However, Waller believes interest rates are likely high enough to hit the target.

Waller added that if inflation continues to cool for several months, the central bank could start lowering its policy rate. Also, on Tuesday, the two-year and ten-year Treasury yields decreased to 4.753% and 4.35%.

On the GovCon Index, the Carlyle Group (Nasdaq: CG) and Palantir Technologies (NYSE: PLTR) advanced 4.91% and 3.30% to lead the gainers. Tetra Tech (Nasdaq: TTEK) and KBR (NYSE: KBR) were the top decliners, losing 3.87% and 3.42%, respectively.

Boeing (NYSE: BA) trended higher and rose 1.4% after analysts at the Royal Bank of Canada (NYSE: RY) Capital upgraded its stock from “Sector Perform” to “Outperform.” The analysts said the positive sentiment and strong demand in the commercial and defense business segments augur well for Boeing heading into 2024.

Meanwhile, the Conference Board Consumer Confidence Index went up to 102.0 this month after three straight monthly declines. “Consumer expectations for the next six months recovered in November, reflecting improved confidence about future business conditions, job availability, and incomes,” said Dana Peterson, chief economist at The Conference Board.

Market Summary

GovCon Index Daily Average 144.94 -0.35 -0.24%
Dow Jones Industrial Average 35,416.98 83.51 0.24%
S&P 500 4,554.89 4.46 0.10%
NASDAQ 14,281.76 40.74 0.29%

Top 5 GovCon Index Daily Percentage Performers

CG 34.43 1.61 4.91%
PLTR 19.71 0.63 3.30%
BA 222.37 3.07 1.40%
J 124.06 1.65 1.35%
RTX 80.19 0.72 0.91%

Top 5 GovCon Index Daily Net Performers

BA 222.37 3.07 1.40%
LMT 448.27 2.78 0.62%
NOC 470.08 1.69 0.36%
J 124.06 1.65 1.35%
CG 34.43 1.61 4.91%

Top 5 GovCon Index Daily Percentage Decliners

TTEK 161.17 -6.49 -3.87%
KBR 50.79 -1.80 -3.42%
MMS 82.64 -1.61 -1.91%
CW 210.05 -3.78 -1.77%
FLR 37.67 -0.63 -1.64%

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