Executive Mosaic’s GovCon Index (+0.54%) and the Dow Jones Industrial Average (+0.12%), closed higher on Friday. The S&P 500 Index declined 0.5%, while the tech-heavy Nasdaq Composite shed 166.98 points (-1.23%) to end the week in the red. Investors worry about corporate earnings and the backlash from the Mid-East war.
In the oil market, the international standard Brent crude jumped by nearly $5 to $87.69 per barrel as Israel ordered a massive evacuation in Gaza before the ground invasion. However, the bond market retreated as the ten-year Treasury yield fell to 4.63% from 4.70%.
The new earnings season kicked off, and U.S. banking giants did not disappoint. JPMorgan Chase & Co. (NYSE: JPM), Citigroup Inc. (NYSE: C), and Wells Fargo (NYSE: WFC) saw their profits increase versus Q4 fiscal 2022, despite higher provisions for credit losses. Market analysts say the lenders benefit from higher interest rates, although losses from credit cards and other debts are rising.
On the GovCon Index, the top three advancers gained more than 2%, with HII (NYSE: HII) leading the pack, rising 2.75% to $224.83. Northrop Grumman (NYSE: NOC) and General Dynamics (NYSE: GD) advanced 2.69% and 2.38%, respectively. Globalstar (NYSE: GSAT) led the 17 decliners, dropping 6.57% to $1.28.
HII’s Ingalls Shipbuilding division reported that it has delivered and officially transferred the national security cutter Calhoun (WMSL 759) to the U.S. Coast Guard. Its shipbuilding division has been designing and building Coast Guard’s Legend-class national security cutters for over two decades.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 142.24 | 0.77 | 0.54% |
| Dow Jones Industrial Average | 33,670.29 | 39.15 | 0.12% |
| S&P 500 | 4,327.78 | -21.83 | -0.50% |
| NASDAQ | 13,407.23 | -166.99 | -1.23% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| HII | 224.83 | 6.02 | 2.75% |
| NOC | 490.15 | 12.84 | 2.69% |
| GD | 243.04 | 5.64 | 2.38% |
| LHX | 177.24 | 3.44 | 1.98% |
| LMT | 441.06 | 6.92 | 1.59% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| NOC | 490.15 | 12.84 | 2.69% |
| LMT | 441.06 | 6.92 | 1.59% |
| HII | 224.83 | 6.02 | 2.75% |
| GD | 243.04 | 5.64 | 2.38% |
| LHX | 177.24 | 3.44 | 1.98% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| GSAT | 1.28 | -0.09 | -6.57% |
| BA | 184.91 | -6.39 | -3.34% |
| PLTR | 17.36 | -0.58 | -3.23% |
| TTEK | 158.43 | -4.50 | -2.76% |
| FLR | 36.15 | -0.86 | -2.32% |
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