The House of Representatives ousted Speaker Kevin McCarthy in a historic vote. That will make life interesting for defense investors for the next few months.
There is, of course, a bear case. An extended leadership crisis could put passage of the fiscal year 2024 Defense Appropriations bill at risk. That could eventually trigger a 1% cut in defense spending, the analyst noted. Investors probably shouldn’t overreact, though. Vertical Research Partners analyst Rob Stallard finds that stocks tend to be unfazed by shutdown drama. He wrote recently that defense stocks underperform the S&P 500 by just one percentage point during shutdowns, and outperform by two percentage points after shutdowns end.However, that doesn’t mean Wall Street loves the sector.
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3 Defense Stocks For DividendsThe stock market is facing a 'wall of worry' due to the surge of inflation and the increasing risk of an upcoming recession. During such tumultuous periods, risk-averse investors look for stocks that are resilient to bear markets.
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