ASX stocks fell again this morning following some more volatility in the $US21 trillion US treasuries market.

Benchmark US 10-year bond yields rose back above 1.5 per cent (yields rise when bonds are sold), and the bond sell-off extended to European and UK markets.

In addition, the five-year break-even inflation rate — a measure of medium-term inflation expectations by the Federal Reserve Bank of St Louis — hit 2.5 per cent for the first time since 2008.

Explainer: What does higher inflation mean for the stock market?

Big US tech stocks appeared to be more sensitive to the bond market ructions, as the NASDAQ slumped by almost three per cent compared to a milder 0.4pc drop on the broader Dow Jones index.

The ASX stayed on its recent see-saw, with the ASX200 on track to alternate between a daily gain and a daily loss for nine straight sessions.

Losses this morning were felt more keenly at the small end of town, as the ASX Emerging Companies index fell by more than one per cent.

Among the big ASX tech names, BNPL leader Afterpay (ASX:APT) fell sharply at the open before quickly clawing back ground for a gain of one per cent heading into midday trade.

WINNERS

Here are the best performing ASX small cap stocks at 12pm Thursday March 4:

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Resources player Tasman (ASX:TAS) led the pack, almost doubling after announcing the results of a drilling program carried out by iron ore major Fortescue (ASX:FMG).

Through a farm-in and joint venture agreement, FMG owns a 51 per cent interest in Tasman’s Lake Torrens project, situated 30km north of BHP’s Olympic Dam mine in South Australia.

Tasman said the drilling program intersected hematite breccia at substantial widths, which is “often a significant host to mineralisation in iron oxide-copper-gold (IOCG) deposits”, the company said.

Not many other stocks made material gains on market-moving announcements, although engineering services firm WestStar Industrial (ASX:WSI) rose by more than 10 per cent after announcing its contractor business SIMPEC had landed at $15m deal with Pilbara Minerals (ASX:PLS) to develop its processing facility.

LOSERS

Here are the worst performing ASX small cap stocks at 12pm Thursday March 4:

Swipe or scroll to reveal the full table. Click headings to sort.