The GovCon Index mirrored losses by U.S. stocks Tuesday with a decline of 0.669 point to 77.421 as investors weighed the prospects of more than one interest rate hike by the Federal Reserve this year.
Dennis Lockhart and John Williams, respective Fed presidents for Atlanta and San Francisco, indicated the central bank could move in June depending on what economic data shows by then, according to Reuters.
Minutes from the Fed’s April meeting are due for release Wednesday and investors are also anticipating Chair Janet Yellen’s June 6 speech to the World Affairs Council in Philadelphia.
Utility and consumer stocks were Tuesday’s main decliners, while crude oil futures in New York rose 1.2 percent to $48.31 a barrel.
Top GovCon Index Net Gainers
|Symbol||Company||$ Current Price||Net Change ▴||% Change|
*Also listed in the S&P 500 composite index
Top GovCon Index Percentage Gainers
|Symbol||Company||$ Current Price||Net Change||% Change ▴|
|Advancing GovCon Index Issues||6|
|Declining GovCon Index Issues||24|
|Unchanged GovCon Index Issues||0|
|Index||Value||Net Change||% Change|
|S&P 500||2, 047.21||-19.45||-0.94%|
|Dow Jones Industrial Average||17, 529.98||-180.73||-1.02%|