The (https://www.cnbc.com/2026/06/05/jobs-report-may-2026.html) just eliminated any hope of a rate cut, which *should* hurt cyclicals — but defense contractors are posting margin expansion anyway. That's suspicious. Here's why: RTX posted $1.51 EPS in Q1 2026 vs $1.14 a year ago, but that growth is coming from higher defense budgets and geopolitical allocation flows, not operational leverage.

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