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Lockheed, Northrop stocks dip on Israel-Hezbollah ceasefire news

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November 25, 2024
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Lockheed, Northrop stocks dip on Israel-Hezbollah ceasefire news
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Shares of prominent defense contractors, including Lockheed Martin (NYSE:LMT), Northrop Grumman (NYSE:NOC), and Raytheon Technologies (NYSE:RTX), experienced a decline on Monday. This drop came amid emerging reports of a potential ceasefire agreement between Israel and Lebanon’s Hezbollah, which could signal a de-escalation in regional tensions.

The S&P 500 Aerospace & Defense Industry Index fell by as much as 0.5%, contrasting with the broader S&P 500 index, which saw an increase of 0.1%. Among the notable decliners in the aerospace and defense sector were Lockheed Martin with a 2.4% decrease, Northrop Grumman down by 1.6%, Axon with a 1.1% decline, and L3Harris also dropping by 1.1%.

The potential ceasefire agreement comes as a result of a new round of shuttle diplomacy by a senior envoy of the outgoing Biden administration. Reports suggest that Israel might be just days away from finalizing a ceasefire deal with Hezbollah, although details of the agreement are yet to be made public.

In related news, oil prices experienced a significant drop of more than $2 on the same day. The decline in oil prices appears to be a reaction to the multiple reports regarding the agreed terms of a deal to conclude the Israel-Hezbollah conflict. These reports were attributed to unnamed senior U.S. officials, contributing to the market movements observed on Monday.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

This post appeared first on investing.com
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