Israel-Hamas War: US arms industry stocks rocket (October 10)

NB: The only people benefiting from this conflict are arms dealers. Western establishments make immense profits from warfare, and have an interest in eternal conflict. As Orwell said, war has been abolished by becoming permanent. DS

Defence majors such as Lockheed Martin, Northrop Gruman, Huntington Ingalls, L3Harris Tech and General Dynamics have gained at least 8% each on the S&P 500 Index today. Stock traders sent defense companies surging in US markets as an attack on Israel from the Gaza-based militant group Hamas renewed Wall Street’s focus on the security industry.

Shares of arms makers — including Northrop Gruman Corp, L3Harris Technologies Inc., Huntington Ingalls Industries Inc., Lockheed Martin Corp. and General Dynamics Corp. — led gains in the S&P 500 Index on Monday. The stocks each gained at least 8% in the session, the most in more than three years.

The assault on Israel is sparking fresh concern about geopolitical risk among investors who’ve already been grappling with the impact of elevated interest rates and signs of trouble in China’s economy.

“Hamas’ attack on Israel over the weekend will likely bring investor attention back to defense stocks,” Truist Securities analyst Michael Ciarmoli wrote in a note to clients. The shares have been underperforming this year due to uncertainty about the US’s military budget, he said.

The S&P 500 Aerospace & Defense Index rose 5.6% in US-based trading, the gauge’s best day since Nov. 2020. RTX Corp. and Leidos Holdings Inc. gained 4.6% and 3.8%, respectively. BAE Systems Plc gained 4.5% in London, the best day since August. ..

https://www.livemint.com/companies/news/israelhamas-war-us-defense-stocks-rocket-while-israel-based-stocks-tank-globally-11696909290587.html

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