Stock Market Update

[BRIEFING.COM] There is broad-based participation in today's gains, although there are some pockets of weakness. While the S&P 500 industrial sector (+0.9%) is up, performing roughly in line with the market, the defense stocks within the sector are mostly lower.

Recall that the defense stocks were relative strength leaders on Friday when the Israel-Iran conflict started, but with a sense coming out of the weekend that the conflict is still contained and reports today suggesting Iran is hoping a ceasefire agreement can be reached soon, the defense stocks are seeing some selling interest.

Lockheed Martin (LMT 467.50, -18.95, -3.90%), Northrop Grumman (NOC 497.79, -18.93, -3.66%), L3Harris (LHX 249.07, -7.92, -3.08%), Huntington Ingalls (HII 228.70, -4.02, -1.73%) are among the notable laggards.

In related news, CNN is reporting that President Trump will not sign a G-7 statement calling for de-escalation between Israel and Iran, but there is some hope that he could eventually be persuaded.