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Defense Stocks Slide
U.S. defense stocks fell on Wednesday after Democrats won the midterm elections, amid concerns that military spending would face tighter scrutiny. Lockheed Martin fell 6.5%, RTX dropped more than 4%, and L3Harris slid about 8%, while General Dynamics and Northrop Grumman lost 3% to 5%. The sector had benefited from President Donald Trump’s call for a $1.5 trillion defense budget in 2027, up from the current $901 billion. But Jefferies analysts expect a budget closer to the House of Representatives’ proposal of $1.15 trillion. As investors grow more doubtful that spending increases will be approved, the S&P 500 Aerospace & Defense sub-index is down about 1% year to date, while the Dow Jones index for the sector has fallen 3.4%.
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