Tensions are escalating between Russia and Ukraine
Defense stocks are in focus as the war between Russia and Ukraine reaches its 1,000th day. Tensions are on the rise, with Russian President Vladimir Putin warning the U.S. of a new nuclear doctrine, after U.S. President Joe Biden allowed Ukraine to use U.S.-made weapons to strike Russia. Plus, Wall Street has been considering how the new administration under Trump will shake up the sector, with Goldman Sachs today remarking how some could take a hit from spending cuts.
Lockheed Martin Corp (NYSE:LMT) is inching higher, up 0.5% at $533.34 at last glance, and looking to snap a five-day losing streak. The shares fell sharply after their Oct. 21 record high of $618.95, but are still up 17.6% since the start of 2024.
Similarly, RTX Corp (NYSE:RTX) is fresh off an Oct. 22 record high of $128.69. The stock has struggled for direction since then, though the $17 level appears to be holding as support. At last glance, RTX was down 0.2% at $119.15, and sporting a 41.6% year-to-date lead.
Northrop Grumman Corp (NYSE:NOC) is headed for its first daily win in six sessions, up 0.5% at $491.33. The shares nabbed a nearly two-year high of $555.57 on Oct. 1, which came in just barely below its Oct. 28, 2022 record high of $556.27. Since the start of the year, NOC is up 5%.