Defense to Airlines: How Stocks Are Reacting to Iran Attacks
A Marathon Petroleum Corp. refinery in Detroit, Michigan.
Photographer: Jeff Kowalsky/BloombergShares of airlines, cruise operators and hotels fell on Monday as investors reacted to the conflict in the Middle East. Energy and defense stocks jumped.
American Airlines Group Inc. dropped as much as 7.4% as trading opened in New York, while Carnival Corp. plunged nearly 12%. Meanwhile, Exxon Mobil Corp. jumped 4.7% to an intraday record, and defense contractors such as Lockheed Martin Corp. and RTX Corp. advanced.