U.S. Defense Secretary Pete Hegseth has ordered the termination of several information technology services contracts valued at $5.1 billion, including companies such as Accenture and Deloitte, according to a Pentagon memo.

Defense Secretary Pete Hegseth said the terminations "represent $5.1 billion in wasteful spending" at the DOD.

Following the announcement, the shares of the affected companies were impacted. According to a Reuters report, Accenture slid 2% to $279.52, and Booz Allen Hamilton fell 2.4% to $106.30 during the early morning trading in New York. As of now, none of the affected companies have issued a public statement regarding the announcement.