Daily Nuclear & Uranium Market Recap
3/9/26
Daily Nuclear & Uranium Market Recap
Monday, March 9, 2026
Market Overview
The nuclear and uranium complex opened the week with a broad relief rally, with 22 of 24 tracked names closing green as buyers returned after last week’s brutal selloff. U.S. futures opened sharply lower (Dow down 1.25%, Nasdaq down 1.19%) following Friday’s oil price surge and disappointing jobs report, but risk assets reversed higher through the session. Uranium spot settled at $85.95/lb on March 6, down 0.23% on the day and flat on the month, though still +35.04% year-over-year. CarbonCredits confirmed spot trading flat at $86.37/lbas of today, noting a tug-of-war between Uzbekistan’s unexpected production boost (creating a momentary supply glut) and structural deficits supported by aggressive utility contracting and AI data center demand. Cameco’s end-of-February spot reference printed at $86.95/lb, down from $94.28 at end-of-January. The CME March uranium futures (UXH6) 1-month low hit $85.65 on March 6 with first notice date on March 30 (21 days).
Key Equity Movers, Winners
Bloom Energy (BE) closed at $151.01, +11.70% on 12.9M shares, a monster reversal after last week’s 21.6% three-day cratering. BE traded as high as $151.92, reclaiming the $150 level. The whipsaw continues: down 14% Friday, up 12% Monday. This kind of volatility on a $40B market cap name reflects the violent repositioning between growth and value allocators around the AI power thesis.
Oklo (OKLO) closed at $61.70, +5.92% on 8.2M shares, bouncing off Friday’s $58.29 close. OKLO and NuScale were highlighted by Bank of America this week as part of a $10 trillion nuclear energy opportunity, though both face “lengthy regulatory approval processes and lack of revenue-producing customers”. OKLO remains 68% below its 52-week high.
Uranium Energy Corp (UEC) closed at $13.68, +5.80% on 15.4M shares, the highest volume session in over a week as buyers stepped in ahead of Wednesday’s March 11 earnings. UEC bounced off Friday’s $12.92 intraday low. The setup into earnings is now: maximum pessimism (21% drawdown, Sprott selling), oversold technicals, and an earnings print that could serve as the catalyst for either a relief rally or further capitulation.
Cameco (CCJ) closed at $115.87, +5.64% on 3.3M shares, bouncing aggressively off Friday’s $110.60 close and reclaiming $115. CCJ remains below the broken $112 floor (now resistance), and today’s bounce needs follow-through to be more than a dead-cat.
NexGen Energy (NXE) closed at $12.72, +5.21% on 8.4M shares. Zacks highlighted NXE as a best nuclear stock to buy in March, citing the CNSC final approval of the Rook I project and expected production of 30M lbs/year of uranium once operational around 2030.
Talen Energy (TLN) closed at $337.01, +5.13% on 1.0M shares, snapping a seven-session losing streak that had taken it from $391 to $325.
NuScale Power (SMR) closed at $12.22, +4.71% on 19.5M shares, bouncing off Friday’s $11.66 low. BofA’s $10 trillion nuclear opportunity report gave a modest sentiment boost to the advanced reactor cohort.
ASP Isotopes (ASPI) closed at $5.80, +4.50% on 5.8M shares, the second consecutive green session and now up 13.9% from Thursday’s $5.09 low. The QLE-NECSA HALEU thesis continues to attract buying against the broader sector.
Mirion Technologies (MIR) closed at $21.47, +4.53% on 5.2M shares, continuing its pattern of violent intraday swings.
Denison Mines (DNN) closed at $3.82, +4.09% on 42.7M shares, bouncing off Friday’s $3.67 close. Volume remains extremely elevated. DNN reports earnings on Thursday, March 12, and management needs to deliver a credible Phoenix ISR construction update to stabilize sentiment. The $3.67 to $3.82 range is the new battleground.
Energy Fuels (UUUU) closed at $19.81, +4.10% on 9.2M shares, reclaiming $19.80 after breaking below $20 on Thursday.
Key Equity Movers, Laggards
NuScale AI (NUAI) closed at $4.45, down 2.41% on 1.9M shares, the only meaningful decliner in a broadly green session.
enCore Energy (EU) closed at $1.95, +1.54% on 4.1M shares, a modest bounce. enCore reported year-end financial results today: 655,000 lbs of U3O8 sold at $65.89 per lb with a weighted average cost of $51.09, generating approximately $14.80/lb gross margin on deliveries. The company also strengthened its balance sheet through warrant exercises. However, at $1.95, EU remains down 27% from the pre-leadership-transition level of $2.67.
Catalysts & Headlines
Uranium Spot Holds $85.95, Triple-Bottom Intact The most important data point heading into the week: spot held $85.65 on the March 6 low (CME 1-month low) and is now sitting at $85.95 to $86.37 depending on the source. The triple-bottom at $85 to $86 that has held since early February remains intact. Trading Economics projects $86.32 by end of Q1 and $91.84 in 12 months.
Uzbekistan Production Boost Creates Near-Term Supply Noise CarbonCredits flagged that the Uzbek Atomic Energy Agency unexpectedly boosted annual production, creating a “momentary supply glut” that is weighing on spot. However, this is being offset by structural deficits and aggressive long-term utility contracting driven by AI data center demand.
Bank of America: Nuclear Energy a “$10 Trillion Opportunity” A new BofA research note estimated the total addressable market for nuclear energy could reach $10 trillion, supporting the long-term thesis for both uranium producers and advanced reactor developers. The report specifically highlighted OKLO and SMR as high-risk, high-reward plays on the SMR buildout.
Crux Investor: “Uranium Has Become a Strategic Asset” Crux published a deep analysis noting uranium is “transitioning from a climate-transition commodity into a strategic government procurement priority, driven by energy security fears, AI-driven electricity demand, and structural supply deficits”. Spot at $86.20 with macro models pointing toward $92/lb.
UEC Earnings Wednesday, DNN Earnings Thursday The two most important catalyst dates this week. Both names enter earnings at technically damaged levels (UEC at $13.68, down 21% from late-Feb highs; DNN at $3.82, down 15% from post-CNSC highs). The prints will set the tone for the upstream miner complex heading into mid-March.
enCore Energy (EU) Year-End Results 655K lbs sold at $65.89, cost of $51.09, balance sheet strengthened through warrant exercises. The results are fine operationally but do not address the strategic uncertainty from the CEO departure and Verdera spin-out.
SEQH Desk View
Today’s rally was a textbook oversold bounce after the worst week for uranium equities in 2026. The question is whether it becomes a sustained recovery or a dead-cat bounce into earnings.
The answer depends on two things: uranium spot holding $85, and UEC/DNN earnings this week. Spot at $85.95 is holding the triple-bottom that has formed since early February. As long as this level holds, the equity selloff is a macro-driven dislocation from commodity fundamentals, not a uranium-specific breakdown. Every name that bounced 4 to 12% today is simply mean-reverting toward fair value relative to an $86 spot price.
UEC earnings Wednesday (March 11) are the week’s first binary event. The stock enters at $13.68, down 21% in two weeks, with Sprott having reduced its position by 28.8%. Expectations are washed out, which means a decent print could spark a violent relief rally. If management disappoints, $12 is on the table.
DNN earnings Thursday (March 12) carry even more weight. The market needs to hear a concrete Phoenix ISR construction timeline, capital allocation framework, and ideally offtake progress. At $3.82, the stock has given back the entire CNSC approval move, and the 42.7M shares traded today suggest institutions are positioning ahead of the print.
The Uzbekistan production boost is new information that adds a near-term headwind to the supply-side thesis. However, Uzbek production is a fraction of global requirements, and the structural deficit of 2.1 billion lbs through 2040 dwarfs any incremental supply from Central Asia. The market may use it as a near-term excuse to pressure spot, but it does not change the long-term calculus.
ASPI at $5.80, up 13.9% from Thursday’s low, continues to trade as the relative strength leader in the complex. Two consecutive green sessions while the broader sector was in freefall (Thursday/Friday) followed by another +4.50% today on elevated volume confirms that the QLE-NECSA enrichment thesis is attracting differentiated buying.