Most of Wall Street drifts as defense companies rally

Market Overview - Wall Street experienced modest overall movements, with the S&P 500 increasing by less than 0.1% and remaining near its all-time high, while the Dow Jones Industrial Average rose by 270 points (0.6%) and the Nasdaq composite fell by 0.4% [1][6] Defense Industry - Defense-industry companies saw significant gains following President Trump's announcement to increase U.S. military spending to $1.5 trillion by 2027 from $901 billion, aimed at building a "Dream Military" [3] - L3Harris Technologies' stock jumped by 5.2%, Lockheed Martin's stock climbed by 4.3%, and Northrop Grumman's stock increased by 2.4% after recovering from previous losses [3] - RTX faced criticism from Trump for being the "slowest in increasing their volume," resulting in its stock lagging behind competitors, with a slight increase of 0.8% [4] Economic Indicators - The bond market saw higher yields as the majority of stocks climbed, despite mixed economic reports indicating a rise in unemployment benefit applications, which could signal increasing layoffs, although within expected limits [2] - U.S. worker productivity improved more than anticipated during the summer, and the trade deficit unexpectedly shrank in October [2] Other Notable Stocks - Constellation Brands' stock rose by 5.3% after reporting better-than-expected profits for the latest quarter, contributing positively to the market despite declines in several technology stocks [5] - Nvidia was a significant drag on the S&P 500, dropping by 2.2% and reversing some of its substantial gains from the previous year [5] Oil Market - Oil prices experienced a rise, with benchmark U.S. crude increasing by 3.2% to $57.76 per barrel and Brent crude rising by 3.4% to settle at $61.99 per barrel, continuing fluctuations since recent geopolitical events [6]