The nuclear story has completely flipped — and according to Cameco CEO Tim Gitzel, this is now the strongest market he’s seen in over 40 years. In this conversation on In the Money with Amber Kanwar, Gitzel explains why uranium and nuclear energy have gone from a post-Fukushima downturn to a full-scale global comeback. He walks through the turning points — from the shutdown of Japan’s reactors and a decade-long bear market, to today’s surge driven by climate goals, energy security concerns, and rising geopolitical tensions.
The kids and I piled into my bed with the windows open to listen to an evening thunderstorm raging outside. Each flash of lightening and boom of thunder sent them into delightful little shrieks. When the storm started to fade, my eldest turned to me, annoyed, asking if I could make more thunder. When I told her I had no control over the weather, she pouted I was ruining her life. A preview of the teenage years.
That’s a wrap: The first quarter officially ended yesterday capping off a dismal three months for assets. While the last trading day of the quarter saw a big surge in equities thanks to the prospect of an end to the war in Iran, it didn’t do much to undo the losing streak for stocks. Below is a quick summary:
- The S&P 500 fell 4.6% – worst quarter since Q3 2022
- The NASDAQ fell 7% – worst quarter since Q1 2025
- The TSX managed a quarterly gain of 3.3%, but March was the worst month in three years
- Oil surged 76% which is the biggest quarterly gain since 2020, while global oil prices were up 94% which is the highest since the 1990 Gulf War
- Gold fell 11.5% in March, its biggest monthly drop since the financial crisis
April fool: Stocks are advancing, crude oil is slipping along with the US dollar, while gold rallies in the kick off to the first trading day of the month and second quarter. US President Donald Trump will address the nation at 9pmET tonight after multiple comments and reports he is willing to walk away from the conflict he started without a tidy resolution on the Strait of Hormuz. For some reason this is palatable to investors, who just want an end to the war. Investors got some comfort that at least higher oil prices won’t lead to rate hikes. US Fed Chair Jerome Powell said Monday that by the time rates increased the oil price shock could be long gone. Later today we will get a read of retail sales although the data will be stale from February. We will get a sense of private payroll increase with the ADP jobs report at 8:15 which could capture a slowdown in hiring from the war. This is an advance of Friday’s non-farm payrolls which are still scheduled to be released despite markets being closed for Good Friday. Later this morning the US will get manufacturing data for the month of March. Keep an eye on the prices paid component which was already elevated before the war began.
Just don’t: Nike is plunging 10% after its sales and profit expectations missed expectations signaling that turnaround efforts are stalling out. The stock is poised to open at an 11-year low. Woof. There were some bright spots. Profit in the quarter was higher than expected, North American sales increased more than expected, and Chinese sales didn’t fall as much as feared (-7% vs expected 14% drop). However, the company is warning that sales will fall 2-4% in the upcoming quarter compared to expectations for nearly 2% growth. “While mgmt has highlighted some successes, the tone of this call included more callouts of disappointment regarding the pace of the turnaround,” wrote Citi’s Paul Lejuez in a note to clients. The war in Iran has been a disruptive force showing up in European and Middle East sales, warned the company. “This is complex work,” said CEO Elliott Hill on a call with investors, “But the direction is clear, the urgency is real, and the foundation is getting stronger.” I own this one. Mistake.
No easy way: Goeasy revealed a worse loss than expected and warned of elevated loan writeoffs for sometime before things start to improve. The embattled subprime lender revealed earlier this month hundreds of millions of losses around its auto lending book validating claims by a short seller six months ago that it was sitting on a credit timebomb. That bomb went off a few weeks ago and shares cratered – down 71% so far in 2026. While the company already warned about the writedowns, Goeasy reported an additional $160 million in goodwill writedowns associated with its Lendcare business. It also materially restated its 2024 and 2025 earnings including worse delinquency rates than previously reported. The outlook suggests more pain ahead. Charge offs will be in the 17.5% to 18.5% range, above the 12.8% from 2025. The loan book will contract. The conference call is at 8am and the focus will be on liquidity and the ability to fund the business through this difficult time. I still own. Time to look in the mirror.
Heat the house: Shares of RH are plunging nearly 20% after profit fell short of expectations and warning sales will be much lower than expected. The Restoration Hardware furniture maker said first quarter sales will now fall 2-4% vs expectation for nearly 8% growth. Margins will also be significantly lower. What happened? A worse housing market leading to a sharp drop in demand, elevated tariffs on furniture, and an international expansion driving up costs are all conspiring against the company.
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