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September 1 Market Close: GovCon Index Plunges 3%, Traders Up Interest Rate Hike Odds

GovConIndexDOWNThe GovCon Index tumbled 2.78 percent to 70.118 in a reflection of continued concern in U.S. markets Tuesday about a slowdown in China’s economy and potential effects on economies worldwide.

All 30 stocks recorded declines Tuesday and the Index has approached correction territory for the second time in a week.

The Index has declined 9.19 percent from its previous high of 77.214 on Aug. 17 and is down 3.83 percent from its Aug. 28 close of 72.975.

Bloomberg reports investors also reacted to data that said factories expanded in August at the slowest pace recorded since May 2013 and export numbers showed the weakest reading since April 2009.

Traders have increased the chance of a Federal Reserve interest rate hike in September to 34 percent from 24-percent odds priced in on Wednesday, according to Bloomberg.

Fed policy makers will meet Sept. 16 and 17.

Executive Mosaic’s GovCon Index tracks 30 large,  publicly-traded government contracting firms.

Index Value Net Change % Change
GovCon Index 70.118 -2.005  -2.780%
S&P 500 1, 913.85 -58.33 -2.96%
Dow Jones Industrial Average 16, 058.35 -469.68 -2.84%
NASDAQ 4, 636.10 -140.40 -2.94%
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