Gold and nuclear stocks rally as Barrick and Constellation Energy beat expectations
Constellation Energy reaffirmed its full-year guidance while Barrick Mining exceeded its gold production targets, though the broader market now turns its attention to upcoming inflation data.
Shares of Barrick Mining Corporation and Constellation Energy Corporation increased in premarket trading after both companies reported first-quarter earnings and revenue that exceeded analyst estimates. The positive results come as the pace of quarterly reporting slows this week, with market focus shifting toward key economic indicators, specifically April's Consumer Price Index.
Constellation Energy reported earnings per share of $2.74 on revenue of $11.12 billion, figures that both outperformed the consensus estimates of $2.59 and $9 billion respectively. The nuclear energy firm also reaffirmed its full-year earnings per share guidance of $11.00 to $12.00. Despite the strong quarterly performance, the company's stock remains down 14 per cent for the year to date.
Barrick Mining Corporation produced 719,000 ounces of gold in the first quarter, surpassing its production guidance range of 640,000 to 680,000 ounces. The company reported adjusted earnings per share of $0.98 against an estimate of $0.81, with revenue of $5.22 billion beating the $4.84 billion forecast. CEO Mark Hill noted that the performance allowed the company to capture higher gold prices, resulting in significantly higher earnings and cash flow compared to the previous year. Barrick has maintained its 2026 production guidance.
The broader S&P 500 is on track for double-digit earnings growth despite ongoing risks from the Iran war, with recent semiconductor results highlighting the artificial intelligence boom as a key market driver. As the earnings calendar continues, other major companies headlining the current week include Oklo, On Holding AG, Cisco Systems, Alibaba Group, Applied Materials, and Figma.
While the specific impact of geopolitical tensions on future earnings remains an ongoing risk, current results have shown resilience. The sustainability of the artificial intelligence boom as a primary market driver is noted but subject to future volatility. Investors will now watch how these resilient quarterly results hold up against the backdrop of upcoming inflation data releases.
