Why Nuclear Energy Stock Cameco Jumped 22% in May

Shares of uranium giant Cameco (CCJ 1.20%) popped 21.7% in May, delivering their best month yet in 2024, according to data provided by S&P Global Market Intelligence. The stock hit a 52-week high on May 31. It's a big move since the U.S. imports the bulk of its uranium fuel to power nuclear reactors that produce nuclear energy, with Russia supplying 24% of America's uranium. The ban will also free up $2.7 billion that would have otherwise gone toward imports. The U.S. government will spend the money to ramp ...