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Why Defense Stocks Fell Amid Today's Speaker Vote

Benzinga · 01/06/2023 13:39

Shares of defense stocks, including Lockheed Martin (NYSE:LMT) and Northrop Grumman (NYSE:NOC), turned red in Friday's session following reports suggesting a deal Kevin McCarthy is discussing amid his bid for House speaker could involve a cut of $75 billion to the defense budget. 

McCarthy is nearing defeat in the 12th round of voting for speaker, which has become the longest run in 164 years. 

McCarthy secured 14 additional votes but is still expected to fall short of the majority needed. 

See Also: McCarthy Attempts To Cut A Deal While Dissenters Nominate Trump, Hern For House Speaker

At the time of publication, Northrop Grumman was down 1.35%, while Lockheed Martin traded 1.68% lower.