Executive Mosaic’s GovCon Index ticked slightly lower to an average of $154.69 despite positive gains in three of the five trading sessions beginning Jan. 29. Corporate earnings, including those from tech titans, flooded Wall Street. Investors also awaited the outcome of the first Federal Open Market Committee meeting in 2024.
The index tracking the performance of 30 notable government contractors skidded 0.87% on Wednesday, the most decline for the week, due to a Fed-induced selloff. Federal Reserve Chairman Jerome said in the post-FOMC meeting news conference that a rate cut in March is unlikely.
GovCon Index’s overall decline was 0.11% compared to +0.07% in the previous week. The top performer was CGI (NYSE: GIB), with a 1.22% gain. HII (NYSE: HII) and Palantir Technologies (NYSE: PLTR) followed, although only CGI advanced more than 1% from among the gainers.
V2X (NYSE: VVX), Maximus (NYSE: MMS) and Honeywell (NYSE: HON) led the decliners. On the last trading day of the week, the GovCon Index declined by only 0.01% after surging nearly 1% on Thursday.
Check out last week’s market reports for more information on daily GovCon Index performance. To view the complete list of tracked companies, click here.
