- Lockheed Martin fell 3% to $521.05 and RTX fell 3% to $189.40, the sharpest same-day drops among the defense primes, while Boeing slipped 1% to $198.61 on a commercial-heavy revenue mix.
- The iShares U.S. Aerospace & Defense ETF (ITA) traded at $213.40, down 1%, while SPY held near flat at $773.53, confirming the selling was concentrated in defense primes rather than the broader tape.
- WTI crude traded at $91.64 per barrel, down 0.79%, extending a fourth session of declines as the same de-escalation trade played out in the commodity market.
- The move extends an existing de-rating: RTX is down 10% and Lockheed Martin 7% over the past month, making the Hormuz headline an accelerant rather than the ignition.
- Contracted backlog at the primes converts to revenue on multi-year schedules and does not cancel on a diplomatic development, leaving the debate centered on how long elevated munitions demand persists.
Quotes
“Iran has offered to reopen the Strait of Hormuz within seven days if the U.S. takes initial steps toward easing military pressure”
“WTI crude oil trades at $91.64 per barrel, down 0.79% over the past 24 hours.”
“Lockheed Martin (NYSE:LMT) stock is at $521.05, down 3% in Tuesday morning trading, the sharpest same-day drop among the primes”
“Crude oil sliding for a fourth session reinforces that reading, because the same de-escalation trade is playing out in the commodity market alongside the defense selloff.”