Oklo, NuScale, Hims Defy Trump Tariffs - And Power The Russell 2000 Toward New Highs

As tariff fears ripple across markets with President Donald Trump sending tariff letters to 12 countries, small-cap resilience is stealing the spotlight. The Russell 2000 index is soaring toward creating new all-time highs. The iShares Russell 2000 ETF IWM, which tracks the Russell 2000 index, is up over 25% from April 8 lows.

The recovery is powered in part by a few unlikely stars – Oklo Inc OKLO, NuScale Power Corp SMR and Hims & Hers Health Inc HIMS – each bucking macro gloom with year-to-date gains of 159%, 107%, and 95% respectively.

Read Also: NuScale’s 200% Surge Supercharged By NRC, Oklo’s Not Sitting Out

Trump's trade rhetoric, including a potential 10% blanket tariff on imports, has fueled concerns about volatility for multinationals and global supply chains. But these three Russell 2000 names have sidestepped the turmoil, each riding powerful secular trends that appear tariff-resistant, for now.

Oklo's Nuclear Momentum

The newly listed nuclear microreactor company has surged over 159% YTD as investors pile into next-gen clean energy plays.

Despite a recent pullback, Oklo's buzz around small modular reactor tech and federal tailwinds has turned it into a speculative darling.

NuScale's Over 100% Rebound

NuScale Power is riding a similar wave. After spending much of 2023 in the red, recovering in 2024, shares have doubled in 2025 on a YTD basis on renewed investor interest in SMRs and a post-NRC approval boost.

Tariffs may impact construction costs, but the momentum for clean energy remains the bigger story.

Hims: Hair, Health And Heft

In the consumer space, Hims is on a tear. With 95% YTD gains, the digital health company is turning recession fears into growth tailwinds. Its lean, asset-light model and sticky customer base have insulated it from macroeconomic shocks and tariffs.

In a market where mega-caps wobble on every macro headline, these small caps are making a big noise. Their individual fundamentals, combined with the Russell 2000's stealth climb, suggest that some pockets of the market are quietly thriving – even with tariff clouds gathering on the horizon.

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