Why Plug Power, Oklo, Constellation Energy, and Nano Nuclear Energy Stocks Slumped Today

Nuclear power stocks opened the post-holiday week broadly lower on Monday, with shares of Oklo (NYSE: OKLO) falling 6.3% through 10:45 a.m. ET, Constellation Energy (NASDAQ: CEG) down 6.5%, and Nano Nuclear Energy (NASDAQ: NNE) faring worst of all -- down 10.8%. Hydrogen power stocks are also suffering, with Plug Power (NASDAQ: PLUG) down 11.8%, one notable loser.

And why? To learn the answer to that, you need to look back to the other side of the three-day weekend. On Thursday, you see, The Wall Street Journal reported on "dramatic cuts" to "nearly $10 billion in federal funding for clean-energy projects" that the U.S. Department of Energy is said to be contemplating.

As the WSJ reports, the Elon Musk-led Department of Government Efficiency government advisory office is at the root of these cuts, which propose slashing spending on everything from hydrogen to carbon capture to energy storage to "other technologies" -- which may include nuclear energy.

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