China Sanctions Lockheed Martin, Boeing, and Raytheon
Business Insider reports Industrial stocks tank after China sanctions Lockheed Martin, Boeing, and Raytheon over Taiwan sales.
Industrial stocks dragged major indexes lower on Monday after China announced it will sanction US defense firms over planned weapons sales to Taiwan.
The announcement drove a sharp sell-off of the involved companies’ stocks that broadly pulled industrials into a hefty intraday loss. The corresponding S&P 500 sector sat 2.9% lower as of 12:50 p.m. ET, trailing only energy stocks in what’s poised to be the worst day for stocks in a month. Within the industrials sector, aerospace and defense stocks fell more than 3%.
Boeing fell as much as 4.4%. Raytheon and Lockheed Martin fell 4.3% and 3.2% at their respective intraday lows.
China Accuses Trump of Trade Deal Violation
Please consider Foreign Ministry Spokesperson Zhao Lijian’s Regular Press Conference on October 26,