U.S. defense stocks dropped on Tuesday following President Donald Trump’s surprise announcement he would call off regular joint military exercises with South Korea.

Trump said he would suspend the regular exercises after a summit with North Korean leader Kim Jong Un, even though the ensuing agreement did not commit the U.S. President to the move.

Raytheon, Lockheed, Northrop Gruman, and Boeing all closed lower on the news, with respective price drops of 2.8, 1.3, 1.5 and 0.1 percent.

The Massachusetts-based Raytheon manufactures Patriot and Tomahawk missiles, while Lockheed Martin makes the Terminal High Altitude