UPDATE: Defense Stocks Rally Premarket After Trump Signs $350 Billion Of Arms Deals

Defense and aerospace stocks extended an early rally in premarket trade Monday, after Saudia Arabia and other Gulf states signed arms deals worth $350 billion with the U.S. over the weekend. President Donald Trump and King Salman bin Abdulaziz Al Saud of Saudi Arabia signed some of the deals during Trump's visit to Riyadh on Saturday. "The package of defense equipment and services supports the long term security of Saudi Arabia and the entire Gulf region in particular in the face of malign Iranian influence and Iranian-related threats, which exists on Saudi Arabia's borders on all sides," U.S. Secretary of State Rex Tillerson told reporters, The Wall Street Journal reported. Lockheed Martin Corp. shares jumped 3.1%, Raytheon Corp. climbed 3.4% and Boeing Co. was up 1.9%. General Dynamics Corp. was up 1.8% and Northrop Grumman Corp. rose 2%.