US defense stocks fell premarket as Trump announced a two‑week cease‑fire with Iran, prompting market volatility.
Pentagon war‑funding request expected to drop to $80‑$100 billion, less than half of the $200 billion initially proposed.
Lockheed Martin, Northrop Grumman and L3Harris shares slipped 1.3%, 1% and marginally lower respectively.
Crude oil fell ~14%, triggering a broad rally with Wall Street futures up >2% and Asian/European indexes rising.