Lockheed Martin Stocks Drop Amid F-35 Budget Cuts

Lockheed Martin Stocks Dip Amid Biden's Bid to Cut F-35 Spending

In a significant move that has rippled through the defense sector, Lockheed Martin sees its shares trading over 2% lower this Wednesday. This downturn follows President Joe Biden's strategic shift to propose a notable reduction in the US government's 2025 budget allocation for the F-35 fighter jet program. The decision could potentially result in a $1.8 billion decrement in spending, underlining the administration's broader objective to tighten next year's defense expenditure.