Markets
March 9, 2026
War stocks are moving before the smoke clears. The market prices in conflict fast, sometimes before the first missile lands. Right now, with US-Israeli strikes on Iran, the Strait of Hormuz under threat, and defense stocks 2026 hitting record highs, four sectors are pulling money in while everything else bleeds. Gold stocks geopolitical risk plays, oil stocks conflict trades, and stocks to buy during war are all in focus. Defense, oil, gold, and consumer staples. These are the positions investors are building right now.
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The Four Sectors That Win When the World Is at War
1. Aerospace and Defense
Defense is where the money goes first. RTX Corporation, trading at $209.76 and up 14.37% year to date, is Morgan Stanley’s top aerospace pick right now, with analysts pointing to a $268 billion backlog and double-digit revenue growth. Lockheed Martin and Northrop Grumman are also in focus, with NOC tied directly to the B-21 bomber, the Golden Dome missile defense program, and the US nuclear triad.
CENTCOM confirmed that over 20 weapons systems used in the Iran operation were built by these companies. The fiscal 2026 National Defense Authorization Act puts US military spending at $924.7 billion. GE Aerospace and Boeing round out the sector, with BA offering upside if its commercial troubles continue to clear.
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2. Oil and Gas
Oil stocks conflict trades have been among the strongest performers since late February. Chevron is up 24.62% year to date and hit a 52-week high of $191.56 on March 2, the day news of the Strait of Hormuz closure broke. Bank of America raised its price target to $206, citing Chevron’s Permian Basin operations as a shield against Middle East supply chaos. Around 20% of global oil supply moves through that strait.
ExxonMobil, trading near $155, is also seeing significant inflows as its Permian production pushes toward 1.8 million barrels per day. Occidental Petroleum is up over 30% since October 2025, driven by a $5.8 billion debt reduction and its high sensitivity to crude price spikes, while ConocoPhillips has posted a 24.48% gain on the back of its Marathon Oil integration.
3. Gold and Metals
The Gold stocks geopolitical risk positioning has rarely been this aggressive. Gold hit $5,270 per ounce on March 3, the day after US-Israeli strikes on Iran. The SPDR Gold Shares ETF, currently at $473.51 and up 19.48% year to date, recorded its highest single-day inflow in years during that session. Newmont and Barrick Gold both jumped double digits in early trading as their reserve values repriced in real time.
Agnico Eagle has been a particular favorite among institutional investors for its exposure to low-risk jurisdictions like Canada and Finland, and iShares Silver Trust is also seeing inflows as silver moves in tandem. Central banks added over 800 tonnes of gold to reserves in 2025 alone, a structural floor that was already in place before the Iran conflict lit the fuse.
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Consumer Defensive
When war stocks are running, money also rotates into things people keep buying no matter what. Walmart hit a 52-week high of $120.51 earlier this year and is up 11.12% year to date, with its value-driven model pulling in shoppers squeezed by inflation.
Coca-Cola is being held for its 2.9% dividend yield and global pricing power, a product that moves in every market regardless of what is happening politically. PepsiCo and Costco round out the sector, with both seen as reliable anchors when discretionary spending gets hit by inflation and uncertainty. These are the stocks to buy during war that don’t make headlines but hold the portfolio together.
Markets don’t wait for wars to start. They price them in while the bodies are still warm. The four sectors above have been doing exactly that since late February, and with no ceasefire in sight, the positioning is unlikely to reverse anytime soon.
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