May 23 Market Close: GovCon Index Slides, US Markets Mixed on Apple Bounce & Rate Hike Chatter

GovConIndexDOWNThe GovCon Index consistently traded lower for the entirety of Monday trade and closed at a decline of 0.509 points to 77.267 with U.S. financial markets choppy in light of a sharp gain by Apple and speculation among investors about potential interest rate hikes this year.

Boeing (NYSE: BA) nudged out a gain of 24 cents and CAE (NYSE: CAE) added 8 cents to represent the GCI’s lone two stocks in positive territory at the close.

Non-Index company KBR closed down 6 cents to $14.21 after the global engineering and construction company announced its $570 million acquisition of government services contractor Wyle Laboratories to expand federal contract work in domestic locations.

Apple closed up 1.27 percent upon news that the company asked suppliers to build more units of the future iPhone 7 than industry expected, according to Reuters.

U.S. investors reacted to remarks from the San Francisco and St. Louis Fed presidents that indicated a willingness by the central bank to move on a rate increase in June ahead of Chair Janet Yellen’s scheduled remarks Friday, Reuters reported.

Market Summary

Advancing GovCon Index Issues 2
Declining GovCon Index Issues 27
Unchanged GovCon Index Issues 1
Index Value Net Change % Change
GovCon Index 77.267 -0.509 -0.654%
S&P 500 2, 048.04 -4.28
Dow Jones Industrial Average 17, 492.93 -8.01 -0.05%
NASDAQ 4, 765.78 -3.78 -0.08%

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