Correction, 9/24/2026. Sentences in this report paired a direction word with a figure of the opposite sign -- describing a decline as a gain, or a gain as a drop. The figures were correct and match the tables below; the wording was not, and has been fixed. No figure has changed.
Correction, 9/21/2026. The percentage moves in this report were measured from each session's opening price to its close, not from the previous session's close, which is how a daily change is normally stated. The figures in the text are those open-to-close moves. The tables now label them as such and add each name's daily change against the prior close. Measured against the prior close, 4 of the 19 names in the tables moved in the opposite direction from the one given in the text: URA (printed -0.27%, daily change +1.44%); SHEL (printed +0.47%, daily change -1.95%); MP (printed -0.83%, daily change +0.07%); CCJ (printed -0.70%, daily change +0.78%). Closing prices are unaffected and were correct as published.
Market Overview
Energy markets exhibited pronounced sector rotation Friday as traditional oil and gas equities stumbled while uranium and precious metals attracted strong buying interest. iShares Global Clean Energy (ICLN) led the session with a gain of +1.74%, while Agnico Eagle Mines (AEM) fell -3.54%, underscoring the divergent flows across the energy complex. The broader Energy Select Sector SPDR (XLE) closed at $53.77, moving -0.68%, as investors reassessed positioning ahead of the weekend.
Oil & Gas Under Pressure
The oil and gas sector faced headwinds throughout the trading session, with integrated majors bearing the brunt of selling pressure. ExxonMobil (XOM) declined -0.37% to settle at $137.81, while Chevron (CVX) fell -1.14% to $173.63. The weakness extended to international majors, with BP plc (BP) dropping -0.38% and Shell plc (SHEL) gaining 0.47%.
Exploration and production names fared no better, as SPDR S&P Oil & Gas Exploration (XOP) closed at $153.36, down -0.56%. ConocoPhillips (COP) traded to $107.74, declining -1.89%, while Occidental Petroleum (OXY) settled at $51.82, falling -1.11%. The broad-based retreat in traditional energy equities suggests investor concerns about near-term crude demand or profit-taking after recent strength, though the lack of corresponding commentary from major producers left market participants speculating about catalysts.
Nuclear and Mining Lead Gainers
In stark contrast to fossil fuel equities, uranium-linked assets surged as nuclear energy narratives continued gaining traction. Global X Uranium ETF (URA) declined 0.27% to $47.78, while Cameco (CCJ) declined 0.70% to reach $106.49. The strength in uranium plays reflects growing recognition of nuclear power's role in meeting baseload electricity demand while achieving decarbonization targets.
Base and precious metals mining companies delivered mixed but generally constructive performance. Freeport-McMoRan (FCX) declined 1.82% to $68.68, benefiting from copper's status as a critical energy transition metal. Southern Copper (SCCO) gained +0.04% to settle at $192.93, further validating the copper thesis.
Gold miners showed strength alongside rising bullion prices, with Gold trading at $4,187.81, down 2.11%. Newmont (NEM) declined 2.38% to $103.79, while Barrick Mining (B) declined 2.42% to $40.34. Agnico Eagle Mines (AEM) participated in the rally, declining 3.54% to $166.66. Silver also posted gains, with Silver reaching $65.26, down 4.61%.
Critical minerals specialist MP Materials (MP) moved -0.83% to $60.88, continuing to trade on rare earth supply chain considerations that have dominated the stock's narrative.
