Executive Mosaic’s GovCon Index dipped slightly, closing 0.10% lower at $142.08. Wall Street’s Big Three had modest gains but still posted their longest winning streaks since 2021. The Dow Jones Industrial Average advanced 0.17%, while the S&P 500 and Nasdaq Composite rose 0.28% and 0.90%, respectively. Also, the ten-year Treasury yield marched down to 4.57%.
Tech giant Apple (Nasdaq: AAPL) and e-commerce king Amazon.com (Nasdaq: AMZN) were among the market movers. Meanwhile, the earnings season is almost over, and about 80% of S&P 500 companies beat earnings estimates. However, LSEG notes that only 59% topped revenue expectations. The British financial information company adds the differential was this wide in the fourth quarter of 2015.
On the GovCon Index, aerospace and defense company V2X (NYSE: VVX) recovered from its 20.82% drop on Monday. The stock jumped 4.08% to $42.39 after investors digested the impressive third-quarter 2023 earnings results. KBR (NYSE: KBR) and the Carlyle Group (NYSE: CG) round up the top three performers for the day. Engineering and construction firm Fluor Corporation (NYSE: FLR) fell 3.29% to $34.28 to lead the 18 decliners.
Surging Treasury yields have hurt the stock market but the continued losses in the bond market are a welcome relief to stock traders. It also bolstered speculations there would be no more rates this year. Chicago Fed President Austan Goolsbee believes it is possible for inflation to come down without triggering a recession.
Market Summary
| INDEX | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| GovCon Index Daily Average | 142.08 | -0.14 | -0.10% |
| Dow Jones Industrial Average | 34,152.60 | 56.74 | 0.17% |
| S&P 500 | 4,378.38 | 12.40 | 0.28% |
| NASDAQ | 13,639.86 | 121.08 | 0.90% |
Top 5 GovCon Index Daily Percentage Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| VVX | 42.39 | 1.66 | 4.08% |
| KBR | 51.4 | 1.52 | 3.05% |
| CG | 29.37 | 0.45 | 1.56% |
| PLTR | 18.8 | 0.26 | 1.40% |
| ICFI | 131.87 | 1.72 | 1.32% |
Top 5 GovCon Index Daily Net Performers
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| ACN | 315.19 | 2.10 | 0.67% |
| ICFI | 131.87 | 1.72 | 1.32% |
| VVX | 42.39 | 1.66 | 4.08% |
| KBR | 51.4 | 1.52 | 3.05% |
| LHX | 182.89 | 1.13 | 0.62% |
Top 5 GovCon Index Daily Percentage Decliners
| SYMBOL | PRICE | NET CHANGE | % CHANGE |
|---|---|---|---|
| FLR | 34.38 | -1.17 | -3.29% |
| CAE | 20.95 | -0.35 | -1.64% |
| HII | 232.24 | -2.31 | -0.98% |
| BA | 191.41 | -1.54 | -0.80% |
| TXT | 77.04 | -0.57 | -0.73% |
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