Defense stocks are down after a landmark meeting between President Donald Trump and North Korean leader Kim Jong Un.
Raytheon stocks dropped 2.79 percent, Lockheed Martin dipped 1.29 percent, Northrop Grumman shares tumbled 1.47 percent, and Boeing fell 0.084 percent by the time markets closed Tuesday.
The president and his North Korean counterpart came together for a historic handshake at the Capella Hotel on the beautiful resort island of Sentosa in Singapore Tuesday morning. The two leaders then engaged one another in a series of talks, signing an agreement at the end of the summit. (RELATED: President Trump And Kim Jong Un Meet For The First Time At Singapore Summit)
The summit failed to achieve many of the things the president hoped to accomplish, but it is a starting place. “Despite its many flaws, the Singapore summit represents the start of a diplomatic process that takes us away from the brink of war,” Victor Cha, former National Security Council director for Asia, argued in an op-ed in The New York Times.
In addition to talk of improving bilateral relations with North Korea, Trump also shockingly revealed that he intends to bring an end to U.S. war exercises with South Korea, an announcement that may have also rattled defense stocks. (RELATED: Trump Wants To Stop War Games With South Korea And Pull Troops Off The Peninsula)
The move appeared to catch South Korea, as well as the U.S. military, off guard.
While the broader market appeared largely unfazed by the summit, defense stocks all took a bit of a dive, USA Today revealed.
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