Notorious Congress trader makes super suspicious war stock bet

United States Senator Markwayne Mullin is at the center of another timely stock trade that closely aligns with escalating military conflict.

Filings show that on February 4, 2026, the Oklahoma Republican purchased shares of Carpenter Technology (NYSE: CRS), a specialty metals company, in a transaction valued between $15,000 and $51,000. He disclosed the Congress trade on March 2, 2026.

Carpenter Technology produces high-performance alloys used in armored vehicles, aircraft, helicopters, missiles, and other military equipment. In 2026, CRS stock has rallied over 20%. 

As a member of the Senate Armed Services Committee, Mullin has access to classified briefings on defense needs, procurement plans, and national security developments.

The purchase came as defense stocks rallied following direct U.S. involvement in the Iran conflict. On March 1, U.S. and Israeli strikes killed Iran’s Supreme Leader, prompting retaliatory attacks that left three American service members dead. 

Defense contractors surged the next day, with many hitting 52-week highs on expectations of increased spending on munitions, aircraft, and advanced materials. The sector has already posted strong gains over the past year, and prolonged tensions could drive further growth.

Mullin other stock trades 

That same day, Mullin sold stakes in Dell Technologies (NYSE: DELL), Goldman Sachs (NYSE: GS), and Iron Mountain (NYSE: IRM), while increasing positions in FirstCash Holdings (NASDAQ: FCFS), Stride (NYSE: LRN), McKesson (NYSE: MCK), and Monolithic Power Systems (NASDAQ: MPWR).

His activity reflects a pattern of active and at times delayed portfolio disclosures. In the past, the lawmaker has reported trades beyond the 45-day legal deadline, including multimillion-dollar transactions disclosed months or years late.

For instance, in late 2024, he purchased shares of Stride, an education technology company, while serving on a Senate committee overseeing related policy. Earlier disclosures show investments in Raytheon (NYSE: RTX) stock shortly before Middle East tensions escalated in 2023.

As a House member in 2017, he held a significant stake in a small pharmaceutical firm linked to an unrelated congressional insider trading scandal, though he was not personally investigated.

Critics cite these incidents as potential misuse of non-public information obtained through committee work.

Ethics advocates, alongside President Donald Trump, have long pushed for a full ban on stock trading by members of Congress, with several bipartisan proposals gaining traction in recent sessions.

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