The Boss Energy Ltd (ASX: BOE) share price is having a woeful day on the ASX.
At the time of writing, the uranium producer's shares are swapping hands at $2.68, down 7.90%.
This comes as the broader Aussie stock market is also tumbling on the back of bearish sentiment after Wall Street sank overnight.
Shares in fellow miners, Paladin Energy Ltd (ASX: PDN) and Deep Yellow Limited (ASX: DYL) are down 4.44% and 8.37%, respectively.
Image source: Getty Images
What's causing Boss Energy shares to fall today?
Investors are offloading the Boss Energy share price after uranium prices have continued their descent in the past few days.
Otherwise known as 'yellowcake', the heavy metal is fetching for US$50.85 per pound, a drop of 0.68% from the previous close.
At the beginning of the week, uranium was being traded around US$52.68 before the energy sector tanked.
For context, the S&P/ASX 200 Energy (ASX: XEJ) sector is the worst performer across the ASX today with a 4.11% decline.
In addition, the Global X Uranium ETF (URA) nosedived by 4.04% last night. The index fund covers a number of companies involved in uranium mining and the manufacturing of nuclear equipment.
This comes as investors have pulled out of the commodity markets in fear of the Fed Reserves' impending rate hike.
When interest rates are lifted, this puts pressure on the stock market.
Nonetheless, as reported by my Fool Colleague Brooke the current global energy crisis could have a positive impact on uranium in the medium-term.
Boss Energy share price snapshot
Despite today's losses, the Boss Energy share price is up 20% in 2022.
However, when looking over the past 12 months, the share is relatively flat.
Based on today's price, Boss Energy presides a market capitalisation of roughly $1.03 billion.
