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October 31 Market Report: Executive Mosaic’s GovCon Index Finishes Strong, Wall Street Trims Monthly Losses

October 31 Market Report: Executive Mosaic’s GovCon Index Finished Strong, Wall Street Trim Monthly Losses

Executive Mosaic’s GovCon Index advanced 1.69% to $139.85 and posted a monthly gain of 3.4%. However, it was a losing month overall for Wall Street. The Dow Jones Industrial Average (+0.38%) and S&P 500 (+0.65%) edged higher but still suffered their first three-month losing streak. The Nasdaq Composite gained 0.48%, although the tech-heavy index declined 2.8% for the month.

October was a dismal month for stocks due to the swift rise of Treasury yields. Moreover, risks of a rate hike remain, whether in November or December. The Federal Reserve will make its latest announcement on interest rates on mid-week after the FOMC meeting. Pinterest (NYSE: PINS) and SoFi Technologies (Nasdaq: SOFI) were the hottest tickers on Tuesday.

Nearly all GovCon Index stocks finished strong, except for the Carlyle Group (Nasdaq: CG) and BAE Systems. Leidos Holdings (NYSE: LDOS) led the 28 advancers, with the top performer rising 7.99% to $99.12. RTX (NYSE: RTX), Globalstar (NYSE: GSAT), and L3Harris Technologies (NYSE: LHX) gained by 2.9% or more.

Leidos reported record revenues of $3.92 billion in the third quarter of fiscal year 2023 and raised its guidance for all financial metrics. As of Sept. 29, 2023, the company’s backlog was $38 billion, including contract awards from the U.S. Army Program Executive Office and the Department of Homeland Security (DHS).  

The Consumer Confidence Index fell for the third consecutive month in October. The reading, the second-lowest this year, was 102.6 compared to 104.3 in September. “October’s decline came as “consumers continued to be preoccupied with rising prices in general, and for grocery and gasoline prices in particular,” said Dana Peterson, chief economist at the Conference Board. Consumers also have a bleak economic outlook because of high-interest rates and the Middle East conflict. 

Market Summary

GovCon Index Daily Average 139.85 2.37 1.69%
Dow Jones Industrial Average 33,052.87 123.91 0.38%
S&P 500 4,193.80 26.98 0.65%
NASDAQ 12,851.24 61.76 0.48%

Top 5 GovCon Index Daily Percentage Performers

LDOS 99.12 7.33 7.99%
RTX 81.39 2.82 3.59%
GSAT 1.41 0.04 2.92%
LHX 179.41 5.05 2.90%
ICFI 126.73 3.13 2.53%

Top 5 GovCon Index Daily Net Performers

LMT 454.64 8.80 1.97%
LDOS 99.12 7.33 7.99%
CACI 324.76 7.28 2.29%
LHX 179.41 5.05 2.90%
BA 186.82 4.47 2.45%

Top 5 GovCon Index Daily Percentage Decliners

CG 27.54 -0.27 -0.97%
BAESY 54.49 -0.11 -0.20%
CAE 20.86 0.02 0.10%
FLR 33.29 0.06 0.18%
TXT 76 0.20 0.26%

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