MENLO PARK, Calif.--(BUSINESS WIRE)--May 13, 2026--
Tutor Perini Corporation (NYSE: TPC) (the “Company”), a leading civil, building and specialty construction company, announced today that its subsidiary, Rudolph and Sletten, has been awarded a contract by Sutter Health for its future Advanced Orthopedics & Sports Medicine Care Complex in Sacramento, California. The project scope of work includes the conversion of the existing 660 J Street office building into a new approximately 120,000 square-foot ambulatory surgical center and medical office building to help meet growing demand for Sutter’s advanced orthopedics and sports medicine capabilities. The new facility will help enhance access for patients through expanded medical offices and exam rooms, concussion clinics, a performance lab, physical therapy, and spaces for research, as well as five operating rooms, sterile processing and advanced imaging areas. The project will include significant structural upgrades to the existing cast-in-place post-tensioned structure to meet current seismic requirements. All new mechanical, electrical and plumbing systems will replace the existing building systems.
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Pre-construction work on this project commenced in the spring of 2025 and the project recently entered the construction phase with substantial completion anticipated in the fall of 2027. The undisclosed contract value was reflected in the Company’s backlog at the end of the first quarter of 2026.
About Rudolph and Sletten
In the last six decades, Rudolph and Sletten has constructed thousands of projects across our five California offices, from research centers designed to cure diseases, to institutions that educate future generations of leadership. As we have grown, we have built all aspects of life science, higher education, health care, high-tech, government and everything in between. Our success is owed to our diverse, talented personnel combined with our technological expertise, honest estimates, innovative schedules and ethical business practices. Headquartered in Menlo Park, Rudolph and Sletten has regional offices in Roseville, Irvine, Los Angeles and San Diego, California.
About Tutor Perini Corporation
Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private customers and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict safety and quality control measures. We offer general contracting, pre-construction planning and comprehensive project management services, and have strong expertise in delivering design-bid-build, design-build, construction management, and public-private partnership (P3) projects. We often self-perform multiple project components, including earthwork, excavation, concrete forming and placement, steel erection, electrical, mechanical, plumbing, heating, ventilation and air conditioning (HVAC), and fire protection.
Rendering of the Sutter Health Advanced Orthopedics & Sports Medicine Care Complex (Source: Cushman and Wakefield)
NEW YORK (AP) — The U.S. stock market is falling from its records Friday and joining a worldwide drop for stocks, as higher oil prices send a shiver through the bond market. Stocks that had been caught up in the euphoria around artificial-intelligence technology led the way lower.
The S&P 500 fell 1.1% from its all-time high set the day before. The Dow Jones Industrial Average was down 408 points, or 0.8%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was down 1.6% from its own record.
Technology stocks tumbled in a sharp turnaround from their meteoric rises for much of the year, which had carried markets worldwide to records but also raised criticism that they had gone too far.
Nvidia, the stock that quickly became the face of the AI revolution, dropped 3.6% and was the heaviest weight on the S&P 500. It had come into the day with a gain of more than 26% for the year so far.
“To us, it looks like markets have pushed into overbought territory,” according to Brian Jacobsen, chief economic strategist at Annex Wealth Management. He said the strong corporate profits and durable U.S. economy that launched U.S. stocks to records remain intact, but “the path is unlikely to be smooth. Periods like this call for discipline more than hope.”
In the meantime, rising oil prices are raising the pressure after already sending inflation higher than economists had feared. The war with Iran is continuing, and the Strait of Hormuz remains shut to oil tankers, which is preventing them from delivering crude to customers worldwide and driving up oil’s price.
The price for a barrel of Brent crude oil, the international standard, rose 2.1% to $107.97 and is well above its level of roughly $70 from before the war.
Many big U.S. companies have been saying their customers have been able to keep spending on their products and services despite having to pay higher prices for gasoline. But U.S. households have also been telling surveys they’re feeling discouraged about the economy and the pressures building not only because of the war but also because of tariffs.
The worries were most clear Friday in the bond market, where Treasury yields climbed. The yield on the 10-year Treasury rose to 4.56% from 4.47% late Thursday. That’s a notable move for the bond market, and it’s well above its 3.97% level from before the war. The yield on the 30-year Treasury is close to its highest level since 2023 after breaking above 5%.
Higher yields can make mortgages and other kinds of loans going to U.S. households and businesses more expensive, which slows the economy. They also tend to push downward on prices for stocks and all kinds of other investments.
Yields have been climbing since the war on worries about higher inflation and how it may tie the Federal Reserve’s hands when it comes to short-term interest rates. Not only have traders abandoned virtually all expectations that the Fed will resume its cuts to interest rates this year, they’ve been building some bets that it may even hike rates in 2026, according to data from CME Group.
In stock markets abroad, indexes fell sharply across Europe and Asia.
South Korea’s Kospi dropped 6.1% for one of the sharpest moves. It had been reaching records this year because of the influence of AI beneficiaries like SK Hynix. But it quickly reversed momentum Friday after briefly topping the 8.000 level for the first time.
Some on Wall Street have been warning about a possible break in momentum for tech stocks in general and AI winners in particular.
“If nothing else this should be a ‘shot across the bow’ for how volatility works both ways,” according to Jonathan Krinsky, chief market technician at BTIG.
AP Business Writer Chan Ho-him contributed.
Trader Patrick Casey works on the floor of the New York Stock Exchange, Wednesday, May 13, 2026. (AP Photo/Richard Drew)
President Donald Trump, left, walks with Chinese President Xi Jinping at the Temple of Heaven on Thursday May 14, 2026, in Beijing. (AP Photo/Mark Schiefelbein)
A dealer stands near the screens showing the Korea Composite Stock Price Index (KOSPI), and the Korean Securities Dealers Automated Quotations (KOSDAQ) at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 15, 2026. (AP Photo/Lee Jin-man)
Employees of Hana Bank celebrate in a photo-op to mark the Korea Composite Stock Price Index (KOSPI) of over 8,000 points at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 15, 2026. (AP Photo/Lee Jin-man)
