Executive Mosaic’s GovCon Index edge higher, gaining 0.53% to $142.99. The major U.S. indexes also started the week strong, buoyed by optimism on earnings season. Blue-chip Dow Jones rose 0.93% (+324.15 points), while the Nasdaq Composite and S&P 500 advanced 1.2% and 1.06%, respectively.
All 11 primary sectors of the benchmark S&P 500 traded higher on Monday, with consumer discretionary, communication services, and materials leading the surge. The rally of semiconductor stocks pushed the tech-heavy Nasdaq into green territory. However, oil prices rose as the Middle East crisis intensified.
On the inflation front, economists say one more rate hike is possible, either in November or December, during the monetary policy meetings of the Feds. Austan Goolsbee, the Chicago Fed president and a voting member on the Federal Open Market Committee (FOMC), hasn’t decided about a rate hike next month. While Goolsbee wants to assess incoming data first to get a better grasp of the economy’s trajectory, rising oil prices could complicate the members’ decision.
Only Northrop Grumman (NYSE: GOC), Jacobs (NYSE: J), Lockheed Martin (NYSE: LMT), and General Dynamics (NYSE: GD) on the GovCon Index traded down, although the percentage drops were modest. Defense stocks have picked up steam since the Israel-Hamas conflict began. Investors await the earnings reports of defense contractors like Lockheed Martin and Northrop Grumman. Globalstar (NSYE: GSAT) and Tetra Tech (Nasdaq: TTEK) led the advancers.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 142.99 | 0.76 | 0.53% |
| Dow Jones Industrial Average | 33,984.54 | 314.25 | 0.93% |
| S&P 500 | 4,373.63 | 45.85 | 1.06% |
| NASDAQ | 13,567.98 | 160.75 | 1.20% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| GSAT | 1.33 | 0.05 | 3.91% |
| TTEK | 162.4 | 3.97 | 2.51% |
| MMS | 78.59 | 1.72 | 2.24% |
| CG | 29.83 | 0.59 | 2.02% |
| CAE | 22.77 | 0.36 | 1.61% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| TTEK | 162.4 | 3.97 | 2.51% |
| ACN | 305.34 | 3.51 | 1.16% |
| HON | 186.23 | 2.67 | 1.45% |
| CACI | 340.04 | 1.93 | 0.57% |
| LHX | 179 | 1.76 | 0.99% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| NOC | 489.07 | -1.08 | -0.22% |
| J | 138.22 | -0.21 | -0.15% |
| LMT | 440.41 | -0.65 | -0.15% |
| GD | 242.87 | -0.17 | -0.07% |
| ICFI | 132.01 | 0.01 |
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