Stock Market Update
08-Jan-26 11:00 ET
Defense names surge as President Trump proposes military spending increase
Dow +216.30
at 49212.17,
Nasdaq -122.40
at 23461.90,
S&P +2.59
at 6923.51
[BRIEFING.COM] The major averages continue to trade in a mixed fashion as tech weakness weighs against broader-market strength.
Defense names such as Huntington Ingalls (HII 383.12, +26.67, +7.48%), Lockheed Martin (LMT 530.09, +33.22, +6.69%), and L3Harris (LHX 330.12, +20.36, +6.57%) dot the top of the S&P 500 standings today after President Trump called for a $1.5 trillion military budget in 2027, an increase of 66%.
While defense stocks rally today at the announcement, CBS News reports that the proposed increase will likely run into resistance from Republican budget hawks in Congress.
