Stock Market Update

[BRIEFING.COM] The major averages continue to trade in a narrow range modestly below their unchanged levels at midday.

The industrials sector (-1.2%) is now one of the worst-performing S&P 500 sectors as Northrop Grumman (NOC 615.52, -41.46, -6.31%) and GE Aerospace (GE 285.63, -17.97, -5.92%) both move sharply lower following their earnings reports. The companies topped earnings estimates, but guidance lacked an upside catalyst, with both companies reaffirming their 2026 outlook. The iShares U.S. Aerospace and Defense ETF is down 3.6%.

Elsewhere in the sector, 3M (MMM 148.61, -2.79, -1.84%) is also lower after reporting its Q1 results this morning, delivering an EPS beat while revenue came in roughly in line with expectations, alongside adjusted organic sales growth of 1.2%. The results reflect early signs of stabilization and modest growth in a still-sluggish macro environment, with improving order trends and margin expansion helping offset pockets of end-market weakness. Importantly, the company reaffirmed its FY26 guidance, reinforcing confidence in a back-half acceleration despite ongoing cost and macro uncertainties.