Executive Mosaic’s GovCon Index shed 0.17% to close lower at $135.42, but the pullback in oil prices and Treasury yield boosted the major U.S. indexes. The tech-heavy Nasdaq Composite (+0.83%) gained the most from the reduced selling pressure, while the S&P 500 (+0.59%) and the Dow Jones (+0.35%) ticked higher.
U.S. West Texas Intermediate and Brent crude declined 2.1% and 1.3% to $91.71 and $93.10 per barrel, respectively. The U.S. Treasury benchmark 10-year notes declined to 4.577% from a high of 4.626%. Oil and bond markets are key inflation indicators, and their recent surge negatively impacted stock prices.
Meanwhile, the Federal Home Loan Mortgage Corporation or Freddie Mac, reports that the average 30-year fixed mortgage rate rose to 7.31% from 7.19%, the highest rate since mid-December 2000. Also, pending home sales for August plunged 7.1% from the previous month, according to the National Association of Realtors.
On the GovCon Index, Palantir Technologies (NYSE: PLTR) gained another 6.20% to $15.77 to lead 21 advancers. The tech stock’s market-beating return year-to-date is 145.64% following the new $250 million contract focused on AI and machine learning award by the U.S. Army this week.
Accenture (NYSE: ACN), the top decliner, fell 4.33% after the information technology services and consulting firm reported lower-than-expected revenue and full-year outlook estimates. Boeing (NYSE: BA) declined 2.57% after the aerospace company agreed to pay $1.8 million to resolve alleged False Claim Act violations.
Market Summary
| Index | Price | Net Change | % Change |
|---|---|---|---|
| GovCon Index Daily Average | 135.42 | -0.22 | -0.17% |
| Dow Jones Industrial Average | 33,666.34 | 116.07 | 0.35% |
| S&P 500 | 4,299.70 | 25.19 | 0.59% |
| NASDAQ | 13,201.28 | 108.43 | 0.83% |
Top 5 GovCon Index Daily Percentage Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| PLTR | 15.77 | 0.92 | 6.20% |
| CG | 30.23 | 0.55 | 1.85% |
| CSCO | 53.88 | 0.68 | 1.28% |
| CAE | 23.31 | 0.28 | 1.22% |
| SAIC | 106.7 | 1.21 | 1.15% |
Top 5 GovCon Index Daily Net Performers
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| CACI | 315.93 | 2.38 | 0.76% |
| NOC | 439.5 | 2.26 | 0.52% |
| LMT | 410.96 | 2.24 | 0.55% |
| HII | 205.06 | 1.87 | 0.92% |
| GD | 222.39 | 1.39 | 0.63% |
Top 5 GovCon Index Daily Percentage Decliners
| Symbol | Price | Net Change | % Change |
|---|---|---|---|
| ACN | 300.77 | -13.61 | -4.33% |
| BA | 190.43 | -5.03 | -2.57% |
| LHX | 172.34 | -2.86 | -1.63% |
| RTX | 72 | -0.88 | -1.21% |
| BAH | 108.74 | -0.98 | -0.89% |
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