RTX

Over its last 20 sessions RTX has moved 1.41% on a typical day, making it a little calmer than most of the stocks Kinzan tracks (their median is 1.81%).

That makes the last 24 hours a −1.4σ session for RTX — the kind it has roughly once a week.

It sits in the lower half of its 24-hour range of 191.03–195.39, measured on hourly closes.

The New York block (13:00–22:00 UTC) did most of the work — roughly 45% of the movement over the last 24 hours.

Over the last 60 sessions of daily returns, it has moved most closely with LMT (+0.66, a strong relationship).

Its last close is at the 25th percentile of its own last 82 sessions, and its 20-day volatility at the 59th.

Market read: RTX is losing ground, trending toward the bottom of its range during the New York session.

What it is

RTX was formed in 2020 when the aerospace businesses of United Technologies merged with the defence contractor Raytheon, and it took its current name in 2023. It reports three segments. Collins Aerospace makes avionics, cabin interiors, landing systems, actuation and power systems for aircraft makers and airlines. Pratt & Whitney builds commercial and military engines, including the geared turbofan that is one of the two engine options on the Airbus A320neo family, and the engine for the F-35 fighter. Raytheon supplies missiles, air and missile defence systems and radars to the US and allied governments. Commercial aviation and defence each account for a substantial share of revenue, which is the defining feature of the company.

What drives it

The commercial side behaves like the rest of aerospace: airline flying hours drive the aftermarket for parts and repairs, which carries the best margins, while Boeing’s and Airbus’s production rates drive original-equipment sales. The geared turbofan has been a particular issue. A manufacturing flaw in powder-metal engine parts required an accelerated inspection programme that took aircraft out of service and obliged the company to compensate airline customers, and the cost and progress of that programme have weighed on results. The defence side answers to budgets and to demand for air and missile defence, which has risen as conflicts have drawn down stockpiles and allies have sought to replenish them. Fixed-price contracts and supply chain bottlenecks can squeeze margins on both sides. The mix leaves the share less exposed to any one cycle than a pure aerospace or pure defence name.

How it trades through the day

Trading takes place in the regular New York session, 13:30 to 20:00 UTC during daylight saving and 14:30 to 21:00 UTC in winter, with results released before the opening bell. Its news flow comes from two directions: air traffic and airframe production on one side, geopolitical and budget developments on the other. On a day when a conflict lifts defence shares and pushes airline and travel shares down, those effects partially offset inside RTX, so it can move less than either group.

What it tends to move with

On the commercial side it tracks GE Aerospace and Safran; on the defence side it moves with Lockheed Martin, Northrop Grumman and General Dynamics. Airbus’s production plans matter more to it than to most US aerospace names because of the engine. Overall it sits between the industrial cycle and defence budgets, and its relationship with the broad market is moderate rather than tight.