Author: Aidan Daly|| Date Published: June 10, 2024
Executive Mosaic’s GovCon Index posted its second back-to-back weekly loss this year following three significant drops this week. The index, which tracks the stock performances of 30 major government contractors, declined 0.37% before the weekend to $4,953.15 for a 0.92% week-on-week loss.
Wall Street also registered a weekly loss, led by Nasdaq Composite’s -2.4%. The S&P 500 dipped 1.3%, while the Dow Jones Industrial Average ticked 0.3% lower for the week. The robust April jobs data released Friday caused US stocks to fall and Treasury yields to rise.
The U.S. Federal Reserve’s Federal Open Market Committee will meet from June 11 to 12. Fed Chairman Jerome Powell will announce the rate decision after the two-day meeting. Market analysts expect the policymakers to keep interest rates unchanged or in the current range of 5.25%-5.50%.
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