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Defense Stocks Are Beating the S&P 500 This Year Amid Ukraine War

  • Lockheed, Northrop outperform S&P 500 during volatile run
  • Inflation seen nudging Biden’s defense budget request higher
Ukrainian servicemen load a truck with the American-made Javelin missiles, at the Boryspil airport in Kyiv on Feb. 11.
Ukrainian servicemen load a truck with the American-made Javelin missiles, at the Boryspil airport in Kyiv on Feb. 11.Photographer: Sergei Supinksky/AFP/Getty Images
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One good defense in this tough market may well be ... defense.

Lockheed Martin Corp., Northrop Grumman Corp. and other makers of military gear have avoided the worst of the broader stock market’s recent seven-week rout, beating the S&P 500 amid a pullback in consumer spending, tightening monetary policy and concern about a potential recession.