Executive Mosaic’s GovCon Index remains in the green for the third consecutive session, gaining a modest 0.31% to close at $143.44. The benchmark S&P 500 (-0.01%) was flat on Tuesday, while the Dow Jones Industrial Average (+0.04%) edged higher and the Nasdaq Composite slipped 0.25%. Market analysts observed that the bond market continues to pressure and drive stocks.
The ten-year Treasury yield climbed to 4.887%, the highest since October 6. However, favorable corporate earnings thus far calmed investors’ fears. Bank of America (NYSE: BAC) and the Bank of New York Mellon (NYSE: BK) reported better-than-expected financial results.
Another encouraging news was the retails sales report by the Commerce Department, which showed a 0.7% increase in September. The retail report could influence the decision of the Federal Reserve regarding interest rates, although strong consumer spending would lead to tighter monetary policy.
The Economic Club of New York will have Fed Chairman Jerome Powell as a guest speaker on October 19. Powell’s speech and interaction with the attendees will be the last before the U.S. central bank’s blackout period. Fed officials can’t comment publicly on the economy or policy from the second Saturday before the October 31 to November 1 meeting.
On the GovCon Index, Palantir Technologies (NYSE: PLTR) and Fluor Corporation (NYSE: FLR) were the top tickers, gaining 2.77% and 2.76%, respectively. Globalstar (NYSE: GSAT) posted the most significant drop (-3.01%) among the 14 decliners. Lockheed Martin (NYSE: LMT), the first defense contractor to report quarterly earnings since the Israel-Hamas conflict began, beat consensus estimates.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 143.44 | 0.44 | 0.31% |
| Dow Jones Industrial Average | 33,997.65 | 13.11 | 0.04% |
| S&P 500 | 4,373.20 | -0.43 | -0.01% |
| NASDAQ | 13,533.75 | -34.23 | -0.25% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 17.84 | 0.48 | 2.77% |
| FLR | 37.58 | 1.01 | 2.76% |
| TTEK | 166.17 | 3.77 | 2.32% |
| ICFI | 133.82 | 1.81 | 1.37% |
| VVX | 54.24 | 0.65 | 1.21% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| TTEK | 166.17 | 3.77 | 2.32% |
| ACN | 308.25 | 2.91 | 0.95% |
| CW | 208.44 | 2.42 | 1.17% |
| ICFI | 133.82 | 1.81 | 1.37% |
| CACI | 341.78 | 1.74 | 0.51% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| GSAT | 1.29 | -0.04 | -3.01% |
| HII | 222.96 | -2.20 | -0.98% |
| GD | 241.27 | -1.60 | -0.66% |
| CSCO | 53.94 | -0.22 | -0.41% |
| CAE | 22.68 | -0.09 | -0.40% |
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