Key Highlights

● Lockheed Martin received an $871 million F-35 support contract modification, and separately won an $18.9 million radar contract.

● The shares dipped anyway, trading near $512.77 in the middle of the session on Tuesday, September 29, 2026.

● Support contracts cover maintenance, spare parts, logistics and upgrades over the jets' decades-long service life, a steady stream of work.

● Congress passed a stopgap funding bill through December 11, averting a Government Shutdown and keeping defense money flowing.

Lockheed Martin Corporation (NYSE:LMT) was in focus on Tuesday, September 29, 2026, after the defense giant received an $871 million contract modification to support the F-35 fighter jet program. The shares dipped anyway, trading near $512.77 in the middle of the session. The company also won an $18.9 million radar contract, and neither award was enough to lift the stock on a day when the broader market drifted lower.

The F-35 Machine

The F-35 Lightning II is one of the most advanced fighter jet programs and one of the largest weapons programs in history. Lockheed builds the stealth jet for the U.S. Air Force, Navy and Marine Corps, as well as for a long list of allied countries. The program generates a steady stream of contracts, not only for building new jets but also for sustaining the fleet already in service. Support contracts cover maintenance, spare parts, logistics and upgrades over the aircraft's decades-long service life.

Why the Award Did Not Move the Stock

An $871 million contract modification is significant in absolute terms, but it is part of an ongoing flow of work that investors expect. A media report also mentioned an upgrade from UBS to Buy with a $674 price target, but the date of that call was not confirmed as Tuesday, so it is best seen as background rather than a driver of the day's trading.

A Soft Day for the Market

The major indexes finished lower, with the S&P 500 down 12.85 points at 7,670.84 and the Dow Jones Industrial Average down 131.59 points at 51,349.92. The Nasdaq Composite ended nearly flat at 26,797.54. The 30-year Treasury Yield reached its highest level since 2002, and the 10-year touched its highest in roughly two decades. Industrials held up relatively well as a sector, edging higher, while energy was the weakest group as oil slid.

Geopolitics and the Budget

The war involving Iran is in its seventh month, and U.S. and Iranian officials held separate indirect talks through mediators, with Qatar saying mediation continues. West Texas Intermediate crude settled $3.22 lower at $89.38 a barrel as Middle East exports recovered. For defense companies, Washington's budget is also a key factor. Congress passed a stopgap funding bill through December 11, averting a government shutdown, with the House voting 370-48 and the Senate 90-6. That keeps federal money flowing for now, including to defense programs.