Talk about a wild ride. Defense stocks went from getting hammered to posting huge gains in a matter of hours Wednesday, all thanks to a presidential social media reversal. Lockheed Martin Corp (LMT) ended up as one of the big winners, rallying on Trump's proposal to jack up the military budget to $1.5 trillion.
The whiplash started when Trump criticized defense contractors for spending money on buybacks and dividends. Shares tumbled. Then, shortly after market close Wednesday, he posted on Truth Social calling for the U.S. military budget to increase from $1 trillion to $1.5 trillion for 2027. Defense stocks immediately reversed course.
Which Congress Members Own Lockheed Martin?
Several members of Congress bought Lockheed Martin (LMT) shares throughout 2025, well before the recent military action in Venezuela and Trump's latest budget comments. Those earlier purchases could now turn into substantial gains as the stock climbs higher.
Here's the breakdown of congressional purchases in 2025:
Rep. Gil Cisneros (D-Calif)
- Nov. 18: Bought $1,000 to $15,000
- Aug. 5: Bought $1,000 to $15,000
- April 29: Bought $1,000 to $15,000
Rep. Jefferson Shreve (R-Ind.)
- April 11: Bought $15,000 to $50,000
Rep. Jared Moskowitz (D-Fla.)
- April 7: Bought $1,000 to $15,000
Rep. Carol Devine Miller (R-W.Va.)
- March 10: Bought $1,000 to $15,000
Rep. Scott Franklin (R-Fla.)
- Feb. 18: Bought $1,000 to $15,000
- Feb. 18: Bought $1,000 to $15,000
- Feb. 18: Bought $15,000 to $50,000
Worth noting: Several members, including Cisneros, also sold portions or all of their LMT holdings during 2025. Rep. Shreve's disclosure indicates his purchase was part of "portfolio rebalancing."
The Case for a Bigger Military Budget
Defense stocks like Lockheed Martin typically surge during periods of geopolitical tension. Some members of Congress made similar purchases around the time Russia invaded Ukraine in 2022, a pattern that appears to be repeating itself.
Recent military action in Venezuela, combined with Trump's comments about potential operations in Greenland, Colombia and Cuba, have pushed defense contractors back into the spotlight in 2026.
Trump's Wednesday evening post made the case for a substantial budget increase: "For the Good of our Country, especially in these very troubled and dangerous times, our Military Budget for the year 2027 should not be $1 trillion dollars, but rather $1.5 trillion dollars."
He argued this would enable building a "dream military" and keep the country "safe and secure, regardless of foe."