Closing Bell: ASX recovers but tech smashed as global outlook darkens

ASX recovers from morning loss but tech sector hammered
Tesla drops 15pc, Bitcoin struggles
Star entertainment looks for $940m lifeline

The ASX had a (very) bumpy day on Tuesday, with$20 billion wiped out at one point, before it recovered some ground, ending the session down 0.91%.

The tech sector took the biggest hit, especially after a rough night on Wall Street where the Nasdaq plunged by 4%.

The Nasdaq 100 had its worst day since 2022, and investors were clearly spooked by the uncertainty in the US.

The sell-off was seen as a mix of liquidating crowded positions and a “buyer’s strike”, with many investors hesitant to jump back in as the global outlook darkens.

Tesla’s stock plummeted by a massive 15%, while Nvidia dropped 5%, making the AI chip stock the worst performer in the blue chips-focused Dow Jones index this year.

Cryptocurrency wasn’t immune to the sell-off either, with Bitcoin briefly dropping below US$77,000 before finding some stability at around US79,800.

US treasury bond prices continue to trade higher (yields down) as investors sought safer assets. Gold, traditionally seen as another safe haven trade, steadied above US$2,895 an ounce.

“Uncertainty regarding trade wars and global economic recessions are all bullish for gold, record high levels are possible again,” said Kitco Metals’ Jim Wyckoff.

Citi’s downgrade of US stocks is another sign of the shifting sentiment. The bank’s analysts are starting to question the “exceptionalism” of the US economy, especially as tariffs and trade wars seem to be slowing growth.

Back to the ASX, our own tech sector was down over 4% today. Xero (ASX:XRO) took a hit, falling 5%, and WiseTech Global (ASX:WTC) dropped 2%.

The energy sector, meanwhile, showed some resilience, with companies like Woodside Energy Group (ASX:WDS) and Santos (ASX:STO) making gains of around 1% despite crude prices holding just above US$65 a barrel.

In the large caps space, embattled casino operator Star Entertainment Group (ASX:SGR) said it has taken note of recent media speculation.

Star confirmed that it had indeed received a refinancing proposal that could provide up to $940 million in loans from Salter Brothers Capital. If finalised, this would give The Star enough liquidity to refinance all of the group’s existing debt. Shares in Star remain suspended for now.

Nickel Industries (ASX:NIC), with mines in Indonesia, plunged by 21% as the country mulls higher taxes on miners to help cover budget gaps. The government is currently considering hiking royalties on metals like copper, coal and nickel. This move comes amid Indonesia’s struggle to fund initiatives like free school lunches. Nickel royalties could jump from 10% to as high as 19%, adding more pressure on producers already dealing with lower prices.

Over in Asia, most stock markets also fell as investors nervously waited to see how China would respond to Trump’s ongoing tariff wars.

Experts believe the response from Beijing could make all the difference, and that’s really what has left markets on edge.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Code	Description	Last	%	Volume	MktCap
RML	Resolution Minerals	0.015	67%	22,971,457	$2,684,377
WOA	Wide Open Agricultur	0.017	55%	20,245,093	$5,870,553
HT8	Harris Technology Gl	0.015	50%	3,035,524	$2,991,355
AEV	Avenira Limited	0.010	43%	4,873,082	$22,243,508
88E	88 Energy Ltd	0.002	33%	4,002,309	$43,400,718
VML	Vital Metals Limited	0.002	33%	9,165,545	$8,842,600
CMG	Criticalmineralgrp	0.155	29%	9,299	$8,644,487
NMG	New Murchison Gold	0.012	26%	61,515,744	$77,295,797
MTB	Mount Burgess Mining	0.005	25%	1,200,099	$1,358,150
PAB	Patrys Limited	0.003	25%	618,016	$4,114,895
PRX	Prodigy Gold NL	0.003	25%	2,000,000	$6,350,111
LMS	Litchfield Minerals	0.180	24%	1,017,912	$4,090,645
AMO	Ambertech Limited	0.170	21%	138,927	$13,356,670
EPM	Eclipse Metals	0.006	20%	5,173,240	$14,299,095
SER	Strategic Energy	0.006	20%	24,470	$3,355,167
STM	Sunstone Metals Ltd	0.006	20%	3,472,892	$25,750,018
RFA	Rare Foods Australia	0.019	19%	25,029	$4,351,732
AVE	Avecho Biotech Ltd	0.007	17%	33,958,453	$19,015,782
PVT	Pivotal Metals Ltd	0.007	17%	477,638	$5,443,355
SHE	Stonehorse Energy Lt	0.007	17%	19,803	$4,106,610
TMK	TMK Energy Limited	0.004	17%	3,649,343	$28,090,995
EQS	Equitystorygroupltd	0.030	15%	643,614	$4,311,330
VNL	Vinyl Group Ltd	0.110	15%	5,749,797	$120,868,218
AVW	Avira Resources Ltd	0.008	14%	449,926	$1,028,578
DTR	Dateline Resources	0.004	14%	15,298,381	$8,979,490

Wordpress Table Plugin

Metal Powder Works (ASX:MPW) hit the ASX today with the ticker ‘MPW’ after raising $10 million at 20 cents per share through a reverse merger with formerly listed K-TIG Limited. MPW has developed its patented DirectPowder process, which offers a new approach to powder production in additive manufacturing. This tech has already been tested across various methods like 3D printing and laser fusion, and it counts big names like the US Department of Defense, Westinghouse, and Toho Titanium as customers.

Norwest Minerals (ASX:NWM) is moving toward securing a mining lease for its Bulgera gold project in Western Australia after the approval of a State Deed with the Marputu Aboriginal Corporation. The company is now finalising its mining proposal, which will be reviewed by the Marputu AC to ensure minimal impact on Aboriginal cultural heritage.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Code	Name	Price	% Change	Volume	Market Cap
ANR	Anatara Ls Ltd	0.011	-73%	26,643,731	$8,321,965
CYQ	Cycliq Group Ltd	0.003	-38%	4,306,738	$1,842,067
CR9	Corellares	0.002	-33%	97,865	$1,403,230
GTR	Gti Energy Ltd	0.002	-33%	2,460,993	$8,963,849
HCD	Hydrocarbon	0.002	-33%	100,000	$3,234,328
JAY	Jayride Group	0.002	-33%	200,000	$715,737
MEL	Metgasco Ltd	0.003	-25%	20,000	$5,830,347
MOM	Moab Minerals Ltd	0.002	-25%	268,333	$3,467,332
NRZ	Neurizer Ltd	0.002	-25%	38,075,706	$6,716,008
PIL	Peppermint Inv Ltd	0.003	-25%	209,449	$8,845,917
TFL	Tasfoods Ltd	0.007	-22%	4,087,034	$3,933,860
ASR	Asra Minerals Ltd	0.002	-20%	22,000	$5,932,817
AUK	Aumake Limited	0.004	-20%	2,884,504	$15,053,461
CAV	Carnavale Resources	0.004	-20%	4,504,581	$20,451,092
QXR	Qx Resources Limited	0.004	-20%	124,000	$6,550,389
VRC	Volt Resources Ltd	0.004	-20%	2,043,533	$22,646,967
CLA	Celsius Resource Ltd	0.009	-18%	3,837,682	$29,361,623
ALM	Alma Metals Ltd	0.005	-17%	356,121	$9,518,072
GES	Genesis Resources	0.010	-17%	326,706	$9,394,096
PKO	Peako Limited	0.003	-17%	145,581	$4,463,226
WBE	Whitebark Energy	0.005	-17%	6,001	$1,849,255
PXX	Polarx Limited	0.006	-14%	3,697,671	$16,628,507
SKK	Stakk Limited	0.006	-14%	280,000	$14,525,558
T3D	333D Limited	0.006	-14%	16,356	$1,233,284
TON	Triton Min Ltd	0.006	-14%	577,370	$10,978,721

IN CASE YOU MISSED IT

Pure Hydrogen (ASX:PH2) has secured an order from Heidelberg Materials Australia for a hydrogen fuel cell-powered concrete agitator truck. Along with a separate deal with Toll Transport, this reinforces PH2’s expanding portfolio of zero-emission commercial vehicles and its commitment to transforming the future of transport.

New Age Exploration (ASX:NAE) has uncovered new drilling targets following recently completed geophysical surveys across its Wagyu gold project in WA. It sits in the same region as the ~11.2Moz Hemi gold deposit, where New Age will soon commence 3000m of RC drilling.

Prodigy Gold’s (ASX:PRX) metallurgical testwork has returned excellent recoveries above 90% from oxide and transition samples at its Hyperion deposit in the NT’s Tanami region. Further optimisation and testing are underway to improve recoveries for fresh material and refine the process, boosting confidence in the project’s potential.

Maronan Metals (ASX:MMA) has lodged an application for a Mineral Development Licence to advance its namesake copper-gold and silver-lead project in Queensland to “mine-ready” status. Once approved, the MDL will secure tenure over the area and allow for advanced exploration, including underground drilling and bulk sampling.

At Stockhead, we tell it like it is. While Pure Hydrogen, Norwest Minerals, New Age Exploration, Prodigy Gold and Maronan Metals are Stockhead advertisers, they did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.