Daily Nuclear & Uranium Market Recap
3/6/26
Daily Nuclear & Uranium Market Recap
Friday, March 6, 2026
Market Overview
A second consecutive day of heavy selling across the nuclear and uranium complex as the Trump 15% global tariff regime and Iran conflict fears continued to pressure risk assets globally. Only 3 of 24 tracked names closed green. Uranium spot settled at $86.15/lb on March 5, flat on the day, +1.06% over the past month, and +33.26% year-over-year. Trading Economics models project $87.02 by end of Q1 and $92.51 in 12 months. The physical market remains remarkably stoic versus the equity carnage: spot has held the $85 to $86 zone for a third consecutive week while miner equities have dropped 15 to 25% from their late-February highs. CME uranium March futures (UXH6) sit at $86.15, with next first notice date on March 30.
Key Equity Movers, Winners
Skillful Craftsmen (SKBL) closed at $3.00, +9.87% on 183.5K shares, a thinly traded micro-cap bounce with no identifiable catalyst.
ASP Isotopes (ASPI) closed at $5.55, +8.61% on 7.8M shares, the day’s standout by a wide margin and the only fundamentally significant name in the green. Volume surged to 7.8M, more than double the recent average of 3.0M, indicating a clear catalyst-driven bid. ASPI rallied against a backdrop where every other uranium and nuclear name was red, a strong relative performance signal. The QLE-NECSA HALEU Services Contract and TerraPower/Fermi America advisory board continue to position ASPI as the enrichment disruption play of choice.
Curtiss-Wright (CW) closed at $681.69, +0.44% on 261.0K shares, essentially flat but green while the rest of the complex bled.
Key Equity Movers, Laggards
Bloom Energy (BE) closed at $137.92, down 13.79% on 14.7M shares, the day’s largest absolute loss and the highest volume session of the year for the name. BE has now cratered 21.6% in three sessions from Wednesday’s $175.95 close. The selloff has no single company-specific catalyst, rather it reflects a violent unwind of the AI/data center power premium as risk appetite collapses. BE has a history of extreme drawdowns on valuation concerns, with analysts flagging the stock as trading at 16x sales and 1,500x+ trailing earnings at recent highs. The $2.2B capital raise and Brookfield partnership are being questioned as data center investment timelines elongate amid tariff uncertainty.
NuClear (NKLR) closed at $4.02, down 7.80% on 691.9K shares, with a wild intraday range of $4.00 to $5.21, a 30% swing.
Nano Nuclear Energy (NNE) closed at $23.62, down 7.63% on 2.2M shares, now down 13.5% in two sessions and approaching the January lows.
Energy Fuels (UUUU) closed at $19.08, down 6.10% on 10.3M shares, breaking below $20 for the first time since early February. UUUU has now lost 18.3% in four sessionsfrom Monday’s $23.34 post-earnings high. The Q4 revenue beat and 50%+ gross margin guidance are irrelevant in a forced-liquidation tape.
Lightbridge (LTBR) closed at $11.41, down 6.08% on 1.0M shares, making a new multi-month low.
Oklo (OKLO) closed at $58.29, down 6.03% on 8.8M shares, breaking below $60 and hitting the January low zone we flagged as the next support at $55 to $58. OKLO is now down 70% from its 52-week high of $193.84 and 27% below the 200-DMA of $95.90.
Denison Mines (DNN) closed at $3.67, down 5.36% on 52.9M shares, another massive volume day as the stock accelerates through the pre-CNSC-approval level near $3.85 to $4.00. DNN is now down 15.9% in two sessions and has given back the entire post-approval move. March 12 earnings are now six days away with the stock at its most technically damaged level since mid-January.
Uranium Royalty (UROY) closed at $3.59, down 5.22% on 6.1M shares.
NuScale Power (SMR) closed at $11.66, down 4.27% on 23.9M shares, now down 48% from January highs as the litigation and macro selloff compound.
Uranium Energy Corp (UEC) closed at $13.14, down 4.09% on 9.8M shares, with an intraday range of $12.92 to $14.18, a $1.26 swing showing extreme intraday volatility. UEC is now down 21.7% from the Feb. 24 high of $16.17. March 11 earnings in five days.
Constellation Energy (CEG) closed at $319.01, down 3.93% on 3.2M shares, breaking its relative strength streak. Even the institutional safe haven cracked today.
Vistra (VST) closed at $158.81, down 5.13% on 5.6M shares, reversing yesterday’s +2.20% gain and breaking below $160 for the first time since mid-February.
Cameco (CCJ) closed at $110.60, down 3.19% on 4.1M shares, breaking below the $112 floor of the multi-week range for the first time. CCJ has now lost 12.2% from Monday’s $125.97 high in four sessions and is approaching the 50-DMA near $105.
Centrus Energy (LEU) closed at $188.10, down 3.18% on 960.7K shares, making a new post-earnings low and now down 30.3% from the pre-Q4 $270 level.
Catalysts & Headlines
Trump 15% Global Tariff Regime Intensifies Selloff The dominant macro driver for the second consecutive week. Trump raised global tariffs to 15% after the Supreme Court struck down the original “Liberation Day” tariffs, and the EU responded by suspending its trade agreement. The Yale Budget Lab estimates the effective U.S. tariff rate now stands at 13.7%, and the uncertainty is compressing risk premiums across all commodity equities. Uranium miners are being sold as part of the broader materials and commodities liquidation, not on any uranium-specific catalyst.
Uranium Spot Holds $86.15, Physical-Equity Divergence Reaches Extremes This is now the defining chart of March 2026: uranium spot at $86.15 (flat, +33% YoY) while UEC has dropped 21%, UUUU 18%, DNN 16%, CCJ 12%, and OKLO 14% in the last four to five sessions. The commodity is not confirming the equity selloff. Either spot uranium needs to break lower or equities need to snap higher. Historically, this magnitude of divergence resolves in favor of the commodity, but the macro environment (tariffs, Iran, hot PPI) is atypical.
UEC CEO at PDAC: “Uranium Supply Gap Deepens” Uranium Energy Corp CEO Amir Adnani spoke at PDAC 2026 this week, emphasizing the deepening uranium supply gap and rising nuclear demand. The commentary is constructive but meaningless for near-term price action when the stock is down 21% in a week on macro liquidation.
ASPI +8.61% on 7.8M Shares, The Outlier ASPI’s rally against a tape where everything else sold off is the single most notable equity data point of the day. When one name surges on 2.5x average volume while the rest of the sector drops 3 to 14%, it signals a company-specific catalyst or institutional accumulation that is independent of the macro.
Weekly Scorecard
The worst week for the nuclear complex in 2026:
Uranium Spot: $86.15, flat on the week, holding the $85 to $86 triple-bottom
CCJ: $110.60, down 8.2% on the week, broke below $112 support
DNN: $3.67, down 15.2% on the week on 126.5M cumulative shares
UEC: $13.14, down 18.7% on the week, approaching $12 to $12.50 support
UUUU: $19.08, down 12.6% on the week, broke below $20
OKLO: $58.29, down 11.3% on the week, at January lows
LEU: $188.10, down 8.8% on the week, new post-earnings low
SMR: $11.66, down 7.3% on the week, litigation and macro compounding
BE: $137.92, down 16.0% on the week, largest absolute loss
CEG: $319.01, down 3.8% on the week, even the safe haven cracked
SEQH Desk View
This is capitulation territory. DNN down 15% in two sessions on 126M cumulative shares, UEC down 21% in a week, OKLO at January lows, CCJ breaking its four-week range floor, and CEG finally cracking. The only thing preventing a full “everything is broken” call is that uranium spot at $86.15 refuses to participate in the selloff.
That commodity-equity divergence is now the single most important variable for every position in the sector. Spot has held $85 to $86 for three consecutive weeks while equities have dropped 10 to 25%. This divergence will resolve, and the direction of resolution determines whether the next 20% move in miners is up or down.
ASPI’s +8.61% rally on 7.8M shares is the only constructive signal in today’s tape. In a session where every name is down 3 to 14%, a stock surging nearly 9% on 2.5x volume against the grain is either informed buying or a momentum trap. Given the QLE-NECSA contract, TerraPower advisory board, and the enrichment disruption thesis, we lean toward the former.
DNN at $3.67 has given back the entire CNSC approval move. The stock traded at $3.50 to $3.80 before the Feb. 19 Phoenix ISR licence, and it is now back at $3.67 with 52.9M shares traded today. The March 12 earnings call is no longer just important, it is existential for near-term sentiment. If management delivers a credible construction timeline and offtake update, the oversold bounce could be 15 to 20%. If they disappoint, $3.00 is on the table.
UEC at $13.14 heading into March 11 earnings is a knife-catch setup. The Sprott position reduction, 21% drawdown, and break below every technical support level create maximum pessimism. The risk/reward is asymmetric but requires conviction in the uranium price holding $85+.
We are approaching the point where fundamentals start to matter again. Uranium at $86, up 33% YoY, with a 2.1 billion lb uncovered requirement through 2040, Cameco signing $1.9B India deals, and Kazatomprom constraining production, does not square with miner equities pricing as though the cycle is over. When the tariff noise clears, the reversion trade will be violent.