Defense and pharma surge at the open while crypto miners slide
As seen on the 24/7 Wall St. homepage on October 20, 2026.
Defense and big pharma own the top of the board at the open, led by Northrop Grumman up 5.36%, with Eli Lilly, Bristol-Myers Squibb and Merck also higher. The pain is concentrated in crypto miners and optics names, where IREN leads the decline.
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Northrop Grumman is the standout mover of the morning, with shares climbing 5.36% to $538 at the open on October 20. That is the kind of single-session gain that shifts portfolio weightings and draws fresh attention to the broader defense sector.
Pharmaceuticals are running alongside defense, with Eli Lilly, Bristol-Myers Squibb and Merck all posting gains in the 3% range. Biotech firm argenx rounded out the gainers at 3.36%.
The selling pressure this session is concentrated in a very different corner of the market. Crypto miner IREN leads the decliners with a 6.8% drop to $25.85, with Cipher Digital close behind.
Electric vehicle maker Lucid fell 6.14%, and the optical components names round out the losers with Applied Optoelectronics and Coherent both lower. The breadth of selling across optics and EV names alongside crypto miners suggests the pressure is not confined to any single catalyst.