Shares in the industrial sector fell on higher energy prices and worries about rising interest costs.
Lockheed Martin said it would field a new and cheaper model of Patriot missile that could hit the battlefield faster, as global stockpiles of high-end interceptors dwindle. The company said its PAC-3 Adapted Capability Effector can be made more quickly and will cost buyers less than half as much as its bestselling Missile Segment Enhancement version. Recent Army budget documents show MSE interceptors cost more than $4 million a round.
Shares in Ryanair fell after the budget carrier posted a drop in fiscal first-quarter profit, hit by lower fares and fuel-cost headwinds stemming from the conflict in the Middle East.
Boeing Chief Executive Kelly Ortberg said the company has started work on a new airplane design, but it is focused on playing catch-up to deliver products that are years behind schedule.
The Qatari-gifted luxury jet that President Trump is using as Air Force One will get an upgrade this fall, according to the White House, putting the plane out of commission for roughly a month.
