The GovCon Index followed the steep downturn in U.S. markets Monday with a decline of 1.027 percent to 70.035 spurred by new declines in oil prices and worries about the pace of future interest rate increases by the Federal Reserve.
Monday also represented the first day of Colorado Springs-based government services contractor Vectrus‘ (NYSE: VEC) listing on the Index in place of Serco Group as the London-based company’s stock was de-listed from U.S. over-the-counter markets.
Excluding Monday’s market conditions, Vectrus’ addition amounted to a 0.603-point impact on the Index from the Friday close and the company’s stock rose a nominal 6 cents.
The S&P 500 fell 1.42 percent on losses in financial shares and energy stocks.
Crude oil futures in the U.S. settled down 3.1 percent to $29.95 a barrel as traders continue to show concern over a supply glut and investors snapped up U.S. government bonds as a refuge from stock and commodity market volatility, according to USA Today.
Investors appear to worry that an aggressive rate hike pace could put pressure on U.S. economic growth in the midst of a strong dollar, energy price declines and slowdowns in other countries, USA Today reports.
Top GovCon Index Gainers
|Symbol||Company||$ Current Price||Net Change||% Change|
*Also listed in the S&P 500 composite index
|Advancing GovCon Index Issues||6|
|Declining GovCon Index Issues||24|
|Unchanged GovCon Index Issues||0|
|Index||Value||Net Change||% Change|
|S&P 500||1, 853.44||-26.61||-1.42%|
|Dow Jones Industrial Average||16, 027.05||-177.92||-1.10%|