Hello, Guest!

October 6 Market Report: Executive Mosaic’s GovCon Index and Wall Street Post Gains Despite Strong Job Growth

October 6 Market Report: Executive Mosaic’s GovCon Index and Wall Street Post Gains Despite Strong Job Growth

Executive Mosaic’s GovCon Index snapped its six-day losing streak and gained 1.17% to close at $134.57. There was panic at Wall Street initially when the stronger-than-expected jobs report came out, but traders were surprised about the turnaround that followed. The Dow Jones Industrial Average (+0.87%), S&P 500 Index (+1.18%) and Nasdaq Composite (+1.60%) ended the week in the green.

The Labor Department reported that the U.S. economy added 336,000 in September compared to 227,000 in August. It was also the largest monthly employment increase since January. Market analysts say the labor market continues to exhibit resiliency but note the softer-than-expected wage increases. The figures were 0.2% for the month and 4.2% from a year ago, versus estimates of 0.3% and 4.3%.

It was a rocky week for stocks due to surging Treasury yields, although the pullback on Friday helped the major indexes complete a rally. More economic data are due next week, including the latest consumer price index (CPI) reading and the Fed minutes from the September Federal Open Market Committee (FOMC) meeting.

For the GovCon Index, only CAE Inc. (NYSE: CAE) and Tetra Tech (Nasdaq: TTEK) of the 30 constituents finished the week in the red. Palantir Technologies (NYSE: PLTR) was the top performer, advancing 5.06% to $16.61. Apart from its team-up with PricewaterhouseCoopers (PwC) to accelerate data-driven operations, Palantir could win a large contract to overhaul the United Kingdom’s National Health Service.

Market Summary

IndexPriceNet Change% Change
GovCon Index Daily Average134.571.581.17%
Dow Jones Industrial Average33,407.58288.010.87%
S&P 5004,308.5050.311.18%

Top 5 GovCon Index Daily Percentage Performers

SymbolPriceNet Change% Change

Top 5 GovCon Index Daily Net Performers

SymbolPriceNet Change% Change

Top 5 GovCon Index Daily Percentage Decliners

SymbolPriceNet Change% Change

Leave a Reply

Your email address will not be published.