By U.S. President Donald Trump sits next to a map that shows the Gulf of Mexico, that he renamed Gulf of America, in the Oval Office of the White House in Washington, U.S., February 13, 2025.
Kevin Lamarque | Reuters
Defense stocks dropped sharply Thursday afternoon after President Donald Trump suggested that the United States could massively cut defense spending.
Trump said that the U.S. could cut defense spending in half, according to Reuters.
Defense stocks that had been higher earlier in the day quickly fell. Shares of Lockheed Martin were down 1.1%, Northrop Grumman sank 1.4% and General Dynamics lost 1.6%.
