With Defense (ITA) down 2.4%, this looks like a sector-led move rather than a company-specific surprise.
Aerospace and defense stocks are trading sharply lower after the Democratic party secured majorities in both chambers of Congress in the midterm elections. Investors are concerned that this political shift will lead to tighter military budgets and potentially scale back the significant defense spending proposals from the Trump administration. Major contractors including Lockheed Martin, Northrop Grumman, and RTX all fell on the news, reflecting sector-wide fears of reduced government contract growth.