Closing Bell: ASX ends three-day win streak as investors await the Fed’s next move

ASX gets smacked by Wall Street sell-off, MinRes tumbles after haul road drama, and all eyes are now on the Fed’s next move.

Investors are nervously waiting on the Federal Reserve’s next decision. Picture via Getty Images

• ASX hit by wall street sell-off and tech tumble

• MinRes crashes after haul road drama, gold traders take profit

• Fed’s stagflation headache could rock global markets

The ASX took a hit on Wednesday, down by 0.41% and snapping a three-day winning streak as risk-off sentiment returned, spooked by a sell-off on Wall Street. 

The local market felt the heat from the tech sector in the US, with a particularly rough night for stocks like Tesla, which tumbled 5%. 

As fear gripped investors, the VIX index – often seen as the market’s fear gauge – spiked 6%, and gold surged to nearly $US3039 an ounce, its highest point yet.

Traders are now eagerly awaiting the Federal Reserve’s policy decision later today (US time), hoping for any clues on how the US tariffs are affecting the broader economy.

At least on the ASX today, things weren’t as bad as it was for Wall Street. 

There were some positive movements, especially  in financial stocks, with QBE Insurance (ASX:QBE) up 4%.

In the mining sector, however, record highs for gold  triggered some profit taking. 

And Mineral Resources (ASX:MIN) was one of the biggest losers in the large end of town, sliding 5% after it halted operations on its crucial Onslow iron haul road following a sixth road train crash. 

Meanwhile Data centre play Dicker Data (ASX:DDR) lost 1.65% after CEO David Dicker sold a chunk of his stake to fund a divorce settlement. 

And A2 Milk (ASX:A2M) found itself in the spotlight after Barrenjoey downgraded its rating to neutral. Shares were down 1%. 

Source: Market Index

Source: Market Index

And... while Australian investors are bracing for more market turbulence, the real drama could be  unfolding at the Federal Reserve, where the risks of “stagflation” – that nasty combo of high inflation and stagnant economic growth – are looming large. 

As the Fed delivers its decision today, the central bank’s next move could determine the direction for the US economy and, by extension, global markets.

“You have inflation stickiness on the one hand," said former president of the Fed’s Kansas City, Esther George.

"At the same time, you’re trying to look at what impact could this have on the job market, if growth begins to pull back.

“So it is a tough scenario for them for sure.”

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Code	Description	Last	%	Volume	MktCap
GGE	Grand Gulf Energy	0.002	33%	950,000	$3,675,581
NTM	Nt Minerals Limited	0.002	33%	582,967	$1,816,354
AII	Almonty Industries	2.250	32%	741,581	$41,605,574
ENT	Enterprise Metals	0.003	25%	450,000	$2,356,635
MTM	MTM Critical Metals	0.153	22%	6,721,225	$57,291,614
AZI	Altamin Limited	0.028	22%	360,365	$13,213,567
NXM	Nexus Minerals Ltd	0.073	22%	9,808,766	$29,281,510
TOU	Tlou Energy Ltd	0.018	20%	602,624	$19,478,765
AMS	Atomos	0.006	20%	55,406	$6,075,092
IPB	IPB Petroleum Ltd	0.006	20%	588,658	$3,532,015
SMX	Strata Minerals	0.057	19%	2,375,389	$11,208,909
CLV	Clover Corporation	0.420	18%	1,251,900	$59,284,766
IFG	Infocusgroup Hldltd	0.013	18%	1,549,100	$2,648,691
M2R	Miramar	0.004	17%	200,000	$1,369,040
CND	Condor Energy Ltd	0.022	16%	584,396	$13,332,648
EGR	Ecograf Limited	0.220	16%	1,637,938	$86,285,046
TMS	Tennant Minerals Ltd	0.015	15%	105,769	$12,426,575
TKM	Trek Metals Ltd	0.038	15%	2,554,087	$17,216,854
ARV	Artemis Resources	0.008	14%	9,315,076	$17,699,705
CAV	Carnavale Resources	0.004	14%	626,250	$14,315,764
LU7	Lithium Universe Ltd	0.008	14%	963,827	$5,501,857
MRQ	Mrg Metals Limited	0.004	14%	7,615,750	$9,542,815
G50	G50Corp Ltd	0.160	14%	207,903	$22,483,672

Tungsten producer Almonty Industries (ASX:AII) has teamed up with American Defense International (ADI) in a strategic partnership to boost its position as a key supplier of tungsten to the US defence and tech industries. ADI, with its strong track record in government relations, will help Almonty strengthen ties with US policymakers and expand in the American market. This partnership aligns with Almonty’s goal of becoming a supplier for the US defence sector.

Clover Corp (ASX:CLV), the natural oils company, has turned things around in the first half of FY25. Revenue shot up 38% to $37.6 million. Clover saw a  profit of $2.4 million, compared to a loss the previous year. Clover’s gross margins improved thanks to better product mix and manufacturing efficiency. With cash reserves of $15.4 million, Clover has also kicked off crude oil deliveries from Ecuador and is set for more growth.

Artemis Resources (ASX:ARV) has wrapped up Phase 1 drilling at the Carlow tenement, drilling 1,790m across three top gold targets. The Titan prospect showed signs of gold, with high arsenic levels, which could mean gold's hiding nearby. Drilling also hit promising zones of sulphides at Marillion and Carlow extensions. The samples are off for testing, and Artemis said it’s keen to see if these early signs lead to more gold discoveries.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Code	Name	Price	% Change	Volume	Market Cap
ADD	Adavale Resource Ltd	0.002	-33%	120,000	$6,861,838
AXP	AXP Energy Ltd	0.001	-33%	662,240	$9,862,021
ERA	Energy Resources	0.002	-33%	1,525,753	$1,216,188,722
VML	Vital Metals Limited	0.002	-33%	486,931	$17,685,201
VPR	Voltgroupltd	0.001	-33%	440,000	$16,074,312
AUA	Audeara	0.027	-31%	147,790	$7,017,441
KCC	Kincora Copper	0.022	-29%	610,998	$7,471,487
HT8	Harris Technology Gl	0.011	-27%	225,806	$4,934,477
PRM	Prominence Energy	0.003	-25%	58,655	$1,556,706
AZL	Arizona Lithium Ltd	0.007	-22%	25,630,678	$41,056,331
HCT	Holista CollTech Ltd	0.024	-20%	469,151	$8,573,001
SP3	Specturltd	0.012	-20%	1,169,981	$4,622,252
DTR	Dateline Resources	0.004	-20%	700,393	$12,827,843
TAS	Tasman Resources Ltd	0.004	-20%	14,748	$4,026,248
TSL	Titanium Sands Ltd	0.004	-20%	1,232,038	$11,683,736
ZNC	Zenith Minerals Ltd	0.045	-17%	858,681	$22,001,837
ALR	Altairminerals	0.003	-17%	1,139,097	$12,890,233
AYT	Austin Metals Ltd	0.005	-17%	2,805,463	$7,945,148
CHM	Chimeric Therapeutic	0.005	-17%	1,774,818	$9,720,899
CUL	Cullen Resources	0.005	-17%	7,780,956	$4,160,411
EM2	Eagle Mountain	0.005	-17%	2,360,824	$6,810,224
HLX	Helix Resources	0.003	-17%	950,947	$10,092,581
KGD	Kula Gold Limited	0.005	-17%	507,892	$5,527,522
ROG	Red Sky Energy.	0.005	-17%	270,129	$32,533,363

IN CASE YOU MISSED IT

Legacy Minerals (ASX:LGM) has launched into drilling two major gold-copper targets at its Thomson project in NSW, which share geological similarities with significant discoveries in WA’s Paterson Province. The company is also awaiting assays from over 1000m of previously unsampled core, expected by late March to early April.

MST Access believes accelerating orders for Pure Hydrogen’s (ASX:PH2) heavy hydrogen fuel cell vehicles validate its strategy of providing zero-emission transport solutions with supporting infrastructure. MST values PH2 at 31 cents per share, citing strong order growth, with 28 vehicle sales expected in FY2026 and increasing revenue potential.

Trigg Minerals (ASX:TMG) has signed a binding agreement to acquire antimony-gold projects in NSW, expanding its footprint with assets that host historical high-grade production. The company aims to apply modern exploration techniques to unlock new opportunities, complementing its flagship Wild Cattle Creek deposit.

European Lithium (ASX:EUR) has unveiled historical high-grade rare earth drill results at its Tanbreez project in Greenland, highlighting significant potential for deeper mineralisation. The company is awaiting assay results from its 2024 drilling program and plans further exploration to expand the resource.

At Stockhead, we tell it like it is. While Legacy Minerals, Pure Hydrogen, Trigg Minerals, European Lithium, Vertex Minerals, Island Pharmaceuticals and Hot Chilli 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.

Originally published as Closing Bell: ASX ends three-day win streak as investors await the Fed’s next move