Executive Mosaic’s GovCon Index fell into red territory after sliding 0.3% to $5,186.24. The Dow Jones Industrial Average (-0.23%) edged lower, while the broader S&P 500 Index (+0.45%) and the tech-heavy Nasdaq Composite (+0.84%) rose for the second straight day.
Eight of 11 primary S&P 500 sectors posted modest gains Tuesday, led by the real estate and consumer discretionary sectors. Large-cap tech stocks, including Amazon.com (Nasdaq: AMZN) and Microsoft (Nasdaq: MSFT), lifted Nasdaq higher. The financials sector declined 0.98%, topped by JPMorgan (NYSE: JPM) and Goldman Sachs (NYSE: GS), with -5.19% and -4.39%, respectively.
On the GovCon Index, decliners outnumbered advancers. Tetra Tech (Nasdaq: TTEK) and Accenture (NYSE: ACN) advanced 1.78% and 1.72% to lead one dozen gainers. HII (NYSE: HII) and Boeing (NYSE: BA) were the worst performers among 18 stocks in the losing bunch, with -2.57% and -1.74%.
Tetra Tech announced a $39.3 million single-award contract from the U.S. Agency for International Development. USAID tasks the high-end consulting and engineering services firm to increase gender equality and women’s economic empowerment opportunities in industries such as water, power, infrastructure, transportation, and information and communications technology worldwide.
Accenture launched its Personalized Experiences on Salesforce solution, which leverages data and artificial intelligence to help organizations deliver what customers want promptly. The solution uses real-time data and AI-driven insights to enhance competitiveness, unlock incremental value, and grow customer loyalty.
Shipbuilder HII announced that its Mission Technologies division has built and delivered two REMUS 620 uncrewed underwater vehicles to the National Oceanic and Atmospheric Administration. The UUVs enhance high-resolution ocean floor mapping and deliver above- and below-water capabilities over long distances.
Also, on Tuesday, the U.S. Navy awarded Sikorsky Aircraft, a Lockheed Martin (NYSE: LMT) company, a $92.4 million firm-fixed-price delivery order under a previously awarded contract for the procurement of various parts, assemblies, and components for the CH-53K aircraft. Sikorsky Aircraft also secured a $90.7 million modification with the U.S. Army to a specialized engineering analysis test and technical services contract.
For inflation-related reports coming out this week, economists forecast core CPI and core PPI in August to rise 3.2% and 2.5% year-over-year. Moreover, they see a 73% chance of a 0.25% rate cut announcement on Sept. 18.
