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Defense Stocks Rose With the Ukraine War. Then a Tight Proposed Budget Set Them Back.
Defense stocks took a surprising blow after a proposed defense budget was released last week. The Biden administration asked Congress for $773 billion to fund defense for fiscal year 2023, up about 4% over 2022. But the procurement number came in relatively flat, says Vertical Research Partners analyst Rob Stallard, and forecasted spending growth through 2027 slowed. On the week, a basket of defense stocks, including Lockheed Martin and Northrop Grumman, fell about 1.3%, while the S&P 500 rose 0.1%.
Still, defense stocks are…
