October 10 Market Report: Executive Mosaic’s GovCon Index and Wall Street Post Third Positive Day, Treasury Yields Fall

Executive Mosaic’s GovCon Index edged higher to $141.63 (+0.24%), extending its winning streak to three days. Wall Street got a boost from the 13 basis points drop of the benchmark ten-year Treasury yield to 4.65% and easing oil prices. The Dow Jones Industrial Average (+0.40%), Nasdaq Composite (+0.58%) and the S&P 500 (+0.52%) posted modest gains and maintained their upward momentum.

Investors’ sentiment also turned positive following the comments of some Fed officials regarding interest rates. “The U.S. central bank need not raise borrowing costs any further,” said Raphael Bostic, president of Atlanta Federal Reserve Bank. “I actually don’t think we need to increase rates anymore” to get too-high inflation back down to the Fed’s two percent goal.”

Fed Vice Chair Philip Jefferson believes the inflation rate remains too high, although rising Treasury yields could restrain further rate increases. For Lorie Logan, another policymaker, the recent increase in long-term yields may indicate less need for the central bank to raise rates again.

The Carlyle Group (Nasdaq: CG), Fluor Corporation (NYSE: FLR) and Boeing (NYSE: BA) were the top three advancers on the GovCon Index. Boeing rose 2.19% to $192.62 following the opening of its technology and engineering center in Brazil. The aerospace company aims to expand its global footprint through Brazil for its leading sustainable aviation fuel (SAF) production. Northrop Grumman (NYSE: NOC) and L3Harris Technologies (NYSE: LHX) led the seven decliners.

Market Summary

Top 5 GovCon Index Daily Percentage Performers

Top 5 GovCon Index Daily Net Performers

Top 5 GovCon Index Daily Percentage Decliners