Wall Street closed lower on Wednesday as renewed U.S.-China trade tensions and weak corporate earnings weighed on sentiment. The Dow fell 334 points, or 0.71%, while the S&P 500 lost 0.53% and the Nasdaq dropped 0.93%. Pressure mounted after Treasury Secretary Scott Bessent confirmed the White House is considering restrictions on software exports to China, a move that sent technology shares into retreat. Texas Instruments led semiconductor losses after disappointing results and guidance, while Netflix slumped 10% on weaker earnings tied to a tax dispute in Brazil.
Tesla reported stronger-than-expected revenue of $28.1bn, up 12% year on year, but profits fell 37% to $1.37bn, pushing shares 2% lower in extended trade. Intuitive Surgical was a rare bright spot, rising nearly 14% on strong earnings. Analysts note that while most S&P 500 companies have beaten expectations so far, guidance remains a concern. Australian shares are expected to follow Wall Street lower, with ASX 200 futures pointing to a 15-point drop at the open. Investors will be watching results from Fortescue, Northern Star, Regis, and others, alongside annual meetings for BHP, Brambles, Perpetual, and Cochlear.
Brazilian Critical Minerals delivers high-grade rare earth carbonate from Ema field trials
Brazilian Critical Minerals (ASX:BCM) announced the successful production of a high-grade mixed rare earth carbonate (MREC) containing 50% TREO from its Ema Project field trials in Brazil. Remarkably, this was achieved from a low-grade pregnant leach solution averaging just 326ppm TREO, yielding ~300g of export-quality carbonate. The work, validated under real field conditions, confirms that the carbonate precipitation pathway is commercially viable. Optimisation trials led by ANSTO are now underway, supporting the project’s upcoming Definitive Feasibility Study.
VRX Silica locks in binding offtakes covering nearly half of Arrowsmith North capacity
VRX Silica (ASX:VRX) has secured four binding offtake contracts for its Arrowsmith North silica sand project, covering 410,000tpa, nearly half of the mine’s planned start-up capacity. Customers are based in South Korea, Taiwan and the Philippines, supplying into foundry and glassmaking industries. With environmental and mining approvals in hand, VRX plans to begin construction in 2026 and target first production later that year. The deals provide sales certainty critical for financing, reinforcing Arrowsmith North’s position as a long-life, Tier 1 silica supplier to Asia.
Ora Banda expands Little Gem and Riverina with outstanding high-grade drill results
Ora Banda Mining (ASX:OBM) released strong drilling results from its Little Gem and Riverina prospects. At Little Gem, mineralisation now extends over 1.2km strike and 700m depth, remaining open in all directions, with standout results including 25.6m at 4.3g/t Au and near-surface hits of 9m at 8.1g/t. At Riverina, exploration continues to reveal ultra-high-grade intercepts, such as 3.4m at 51.7g/t and 2.6m at 63.0g/t. A maiden resource estimate for Little Gem is expected in 2026, while drilling at Riverina highlights the system’s depth potential and mine life extension.