LMT - Defense stocks drop sharply as House speaker deal includes spending cuts

Defense stocks dropped sharply Friday after a news report said the deal Kevin McCarthy is negotiating to become speaker of the House would slash defense spending by about $75 billion.

The agreement would cap spending across government at 2022 levels, Bloomberg News reported, citing three people familiar with the discussions.

Northrop Grumman ( NYSE: NOC ), Lockheed Martin ( NYSE: LMT ), and L3Harris Technologies ( NYSE: LHX ) were among the defense stocks that suddenly fell after the report appeared at noon Friday.

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