Nuclear Stocks Slide as Rate Hike Odds Climb
Oklo and NuScale each fell about 15% in the week through October 27 after a hot inflation report lifted Treasury yields.
Updated on Nov. 1, 2026 in Nuclear
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Oklo and NuScale Power each fell about 15% in the week through October 27, 2026, while the Nasdaq 100 declined about 3.7%. The selloff followed a September CPI report that showed annual inflation at 3.7%, above a 3.6% forecast, pushing the 10-year Treasury yield to about 5.3%.
Why it matters
Higher Treasury yields raise the discount rate applied to distant profits, which weighs most heavily on companies without current revenue. Oklo has no revenue and is not expected to generate meaningful cash for years, making its valuation especially sensitive to rate moves.
Weekly declines of about 15% for Oklo and NuScale compared with a 3.7% drop in the Nasdaq 100, after September CPI inflation came in at 3.7% against a 3.6% forecast. Market-implied odds of another Federal Reserve hike this month jumped from about 22% to about 50%, and whether that hike materializes remains unresolved.
The players
Oklo
Oklo is an advanced fission power company developing small modular reactors, with no current revenue and a stock that is highly sensitive to interest-rate expectations.
NuScale Power
NuScale Power is a publicly traded developer of small modular nuclear reactor technology whose shares have fallen sharply from their 52-week high.
Barclays
Barclays is a global investment bank whose analysts maintained a bullish 117% upside price target on Oklo.
The details
Treasury yields jumped roughly 9 to 10 basis points after the September CPI release, and core inflation ticked up to 2.6%. Oklo touched a fresh 52-week low during the week, while NuScale shares have fallen to around $9 to $10 from a 52-week high near $57.42.
Timeline
August 5, 2026: Oklo's Groves test reactor reached first criticality.
October 13, 2026: The Department of Energy selected Oklo's Groves 2 Forge isotope facility for its Nuclear Energy Launch Pad program.
October 27, 2026: Oklo and NuScale closed the week down about 15% each.
Early-to-mid November 2026: Oklo is expected to report Q3 earnings.
Big Picture
The selloff follows the September 2026 CPI release, which pushed markets to price in a likely resumption of Federal Reserve tightening. Pre-revenue nuclear companies such as Oklo are among the names most exposed when that tightening outlook returns.
Investors with exposure to nuclear developers should expect continued price swings tied to Treasury yields and Fed expectations. Because these companies have no near-term cash flow, valuations can move sharply even without new company-specific news.
The takeaway
Rate expectations can move pre-revenue stocks as much as company news does. Watching Treasury yields and CPI releases offers a clearer read on near-term pressure in the nuclear sector than headlines about individual projects.
What happens next
Oklo is expected to report its third-quarter earnings in early-to-mid November 2026, with analysts projecting a loss of roughly $0.29 per share.
Further reading
For broader context on the sector, explore Nuclear coverage on Wisevoter.
Source note: This article includes information reported by Startup Fortune.
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