Executive Mosaic’s GovCon Index slipped 0.39% to $142.22 after it lost steam from Friday’s rally, but the major indexes edged higher to start the week. The Nasdaq Composite’s narrow 0.30% gain was enough to register its longest winning streak since January 2023. Both the Dow Jones (+0.10%) and S&P 500 (+0.18%) notched six straight days of wins since mid-year and July.
According to the Stock Traders’ Almanac, November is typically the best-performing month for the S&P. Adam Turnquist, an analyst from Adam Turnquis, reports that the benchmark index has generated a 7% average return from November through April since 1950. Meanwhile, more than 400 S&P companies have presented their quarterly results as the earnings season nears the end.
More than 50% (19 out of 30) of the GovCon Index constituents closed in the red on Monday. V2X (NYSE: VVX) posted the sharpest drop to lead decliners. The stock sunk 20.82% to $40.73, despite the $1 billion record revenue of the smart solutions designer in the third quarter of 2023.
ICF (NASDAQ: ICFI), the day’s best performer, rose 3.72% to $130.15. The global consulting and technology services firm reported impressive financial results and numerous contract wins recently. Other top gainers were Curtiss-Wright (NYSE: CW), CGI Group (NYSE: GIB), and Cisco Systems (Nasdaq: CSCO).
Traders still hope that stocks can sustain the upward momentum as bond yields fall. A signal on the next interest rate movement could come from Fed Chairman Jerome Powell in his coming speaking engagements.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 142.22 | -0.55 | -0.39% |
| Dow Jones Industrial Average | 34,095.86 | 34.54 | 0.10% |
| S&P 500 | 4,365.98 | 7.64 | 0.18% |
| NASDAQ | 13,518.78 | 40.50 | 0.30% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ICFI | 130.15 | 4.67 | 3.72% |
| CW | 207.55 | 3.80 | 1.86% |
| GIB | 101.88 | 0.83 | 0.82% |
| CSCO | 53.29 | 0.28 | 0.53% |
| BAH | 123.64 | 0.63 | 0.51% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ICFI | 130.15 | 4.67 | 3.72% |
| CW | 207.55 | 3.80 | 1.86% |
| GIB | 101.88 | 0.83 | 0.82% |
| GD | 243.93 | 0.72 | 0.30% |
| BAH | 123.64 | 0.63 | 0.51% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| VVX | 40.73 | -10.71 | -20.82% |
| GSAT | 1.35 | -0.07 | -4.93% |
| FLR | 35.55 | -1.11 | -3.03% |
| LHX | 181.76 | -3.91 | -2.11% |
| PLTR | 18.54 | -0.35 | -1.85% |
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