Executive Mosaic’s GovCon Index remained in the red for the fourth consecutive session, declining 0.79% to $133.81. Wall Street tumbled, led by the nearly 431-point drop (-1.29%) by Dow Jones, as the blue-chip index erased all its gains for the year. The bond sell-off continues, with the 30-year Treasury yield touching a high 4.95%.
The Nasdaq Composite and the S&P 500 are still ahead year-to-date. However, both indices did not escape the selling pressure, dropping 1.87% and 1.37%. One reason for Tuesday’s plunge was the unexpected increase in jobs that could justify further rate hikes. Based on August’s Job Openings and Labor Turnover Survey (JOLTS), job openings rose to 9.1 million.
The Federal Reserve intends to implement more rate hikes to bring inflation down. Meanwhile, as investors moved to the bond market, Kevin McCarthy was ousted as Speaker of the House in a historic motion-to-vacate vote. The House will elect a new speaker next week.
Palantir Technologies (NYSE: PLTR) was the top decliner on the GovCon Index, falling 6.17% to $14.90. The tech stock was also among the top decliners in the broader market. Only seven of the 30 GovCon Index constituents posted gains for the day. Globalstar Inc. (NYSE: GSAT) and Booz Allen Hamilton (NYSE: BAH) were the top performers, advancing 3.28% and 1.04%, respectively.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 133.81 | -1.05 | -0.79% |
| Dow Jones Industrial Average | 33,002.38 | -430.97 | -1.29% |
| S&P 500 | 4,229.45 | -58.94 | -1.37% |
| NASDAQ | 13,059.47 | -248.30 | -1.87% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| GSAT | 1.26 | 0.04 | 3.28% |
| BAH | 114.75 | 1.18 | 1.04% |
| BA | 188.92 | 1.09 | 0.58% |
| ICFI | 120.31 | 0.34 | 0.28% |
| TTEK | 151.86 | 0.42 | 0.28% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| BAH | 114.75 | 1.18 | 1.04% |
| BA | 188.92 | 1.09 | 0.58% |
| TTEK | 151.86 | 0.42 | 0.28% |
| ICFI | 120.31 | 0.34 | 0.28% |
| HII | 202.22 | 0.21 | 0.10% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 14.9 | -0.98 | -6.17% |
| FLR | 34.62 | -0.96 | -2.70% |
| MMS | 72.89 | -1.38 | -1.86% |
| NOC | 434.31 | -7.91 | -1.79% |
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