Nuclear stocks rally on report Trump to sign orders to support industry

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Nuclear stocks rally on report Trump to sign orders to support industry

Cooling towers are seen at the nuclear-powered Vogtle Electric Generating Plant in Waynesboro, Georgia, U.S. Aug. 13, 2024. 

Megan Varner | Reuters

Nuclear power stocks surged Friday on a report that President Donald Trump will sign executive orders to speed the construction of reactors and secure key materials for the industry.

Advanced reactor companies Oklo and NuScale jumped about 8% premarket. Constellation Energy, the largest nuclear operator in the U.S., was up 2%. Cameco Corp., one of the biggest uranium miners in the world, rose more than 4%.

Trump could sign the orders as early as Friday, sources

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. The president is scheduled to sign orders in the Oval Office at 1 p.m. ET, according to the White House schedule.

Trump will invoke the Defense Production Act to declare a national emergency due to U.S. dependence on Russia and China for enriched uranium, nuclear fuel processing and inputs for advance reactors, according to a draft summary viewed by Reuters.

The president is also expected to direct federal agencies to permit and site new nuclear facilities, according to Reuters. He will also order the Departments of Energy and Defense to identify federal land and facilities where nuclear can be deployed and streamline the process to build them, Reuters reported.

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