Executive Mosaic’s GovCon Index slid 0.69% to $138.50, extending its slump to four consecutive sessions. The big three indexes started strong as bond yields eased, but the Dow Jones Industrial Average (-0.58%) and the S&P 500 (-0.17%) lost steam towards the end of trading. Only the Nasdaq Composite snapped the losing streak, advancing 0.27% due to the tech stocks rally.
The 10-year Treasury yield rose to 5.02% then retreated to 4.836%. However, the closing rate was the fifth-highest settle in 2023. Besides rapidly rising bond yields, stock investors fear interest rates staying elevated for longer and shaky oil prices because of the Middle East conflict.
Despite the elevated volatility, the third quarter earnings season brings optimism thus far. FactSet reports that 73% of the S&P 500 companies reported better-than-expected results, although lower than the 77% five-year average for the same period.
GovCon Index gainers more than doubled from Friday with BAE Systems (+1.49%) leading eight advancers, followed by CGI Group (NYSE: GIB) with +1.40%. Tetra Tech (Nasdaq: TTEK) and ICF (Nasdaq: ICFI) declined the most out of 22 non-gainers.
This week, the earning season goes into high gear with Nasdaq’s Magnificent Seven presenting their quarterly results. Seven GovCon Index constituents, led by RTX (NYSE: RTX), Northrop Grumman (NYSE: NOC) and General Dynamics (NYSE: GD), will join the tech giants on centerstage.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 138.50 | -0.95 | -0.69% |
| Dow Jones Industrial Average | 32,936.41 | -190.87 | -0.58% |
| S&P 500 | 4,217.04 | -7.12 | -0.17% |
| NASDAQ | 13,018.33 | 34.52 | 0.27% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BAESY | 53.16 | 0.78 | 1.49% |
| GIB | 98.89 | 1.37 | 1.40% |
| RTX | 73.13 | 0.58 | 0.80% |
| PLTR | 16.2 | 0.09 | 0.56% |
| BA | 181.03 | 0.99 | 0.55% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| LMT | 446.16 | 1.99 | 0.45% |
| GIB | 98.89 | 1.37 | 1.40% |
| BA | 181.03 | 0.99 | 0.55% |
| BAESY | 53.16 | 0.78 | 1.49% |
| LHX | 176.87 | 0.77 | 0.44% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| TTEK | 151.61 | -5.35 | -3.41% |
| ICFI | 123.11 | -3.19 | -2.53% |
| FLR | 33.97 | -0.74 | -2.13% |
| SAIC | 108.41 | -1.58 | -1.44% |
| VVX | 50.09 | -0.73 | -1.44% |
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