Executive Mosaic’s GovCon Index stayed in positive and gained 0.13% to $138.21. However, the major indexes tumbled due to mixed earnings reports and pressure from rising bond yields. The Nasdaq Composite (-2.43%) had its worst day since February, while the S&P 500 (-1.43%) fell below the 4,200 level. Blue-chip Dow Jones did better but still shed 105 points (-0.32%).
The ten-year Treasury yield rebounded to 4.94% from 4.82% late Tuesday, and mega-cap tech stocks posted the heaviest losses mid-week. Google-parent Alphabet (Nasdaq: GOOG) declined 9.61% after reporting reduced cloud business revenue. Meta Platforms (Nasdaq: META) sunk 4.17% despite better-than-expected top and bottom lines.
Amazon.com (Nasdaq: AMZN) and Apple (Nasdaq: AAPL) dropped 5.58% and 1.35%, although the tech giants have not presented their latest quarterly results. Only Microsoft (Nasdaq: MSFT) of the Magnificent Seven popped (+3.07%) as revenue and earnings per share beat analysts’ expectations.
On the GovCon Index, General Dynamics (NYSE: GD) rose 4.03% to lead 12 advancers. The defense contractor reported a 6% revenue growth and a record backlog of $95.6 million. Palantir Technologies (NYSE: PLTR) and CGI (NYSE: GIB) were the top two decliners, falling 6.31% and 2.65%, respectively.
Boeing (NYSE: BA) was the third-worst performer (-2.54%) as the company lowered its delivery forecast for the 737 Max aircraft pending correction of production flaws. However, its net loss in Q3 2023 narrowed to $1.64 billion versus $3.31 billion in Q3 2022.
Market analysts say the economy is out of recession because of the strong labor market but hopes the Federal Reserve will cut interest rates soon to give the financial system more breathing room.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 138.21 | 0.18 | 0.13% |
| Dow Jones Industrial Average | 33,035.93 | -105.45 | -0.32% |
| S&P 500 | 4,186.77 | -60.91 | -1.43% |
| NASDAQ | 12,821.22 | -318.65 | -2.43% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| GD | 242.4 | 9.40 | 4.03% |
| LHX | 175.74 | 2.72 | 1.57% |
| LMT | 447.69 | 6.79 | 1.54% |
| NOC | 483.26 | 4.82 | 1.01% |
| BAESY | 53.81 | 0.48 | 0.90% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| GD | 242.4 | 9.40 | 4.03% |
| LMT | 447.69 | 6.79 | 1.54% |
| NOC | 483.26 | 4.82 | 1.01% |
| LHX | 175.74 | 2.72 | 1.57% |
| HII | 215.06 | 0.73 | 0.34% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 15.59 | -1.05 | -6.31% |
| GIB | 95.72 | -2.61 | -2.65% |
| BA | 177.73 | -4.63 | -2.54% |
| CG | 27.56 | -0.70 | -2.48% |
| CAE | 20.69 | -0.52 | -2.45% |
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