US sharemarkets fell for a second consecutive session on Wednesday, extending a retreat from recent record highs as investors digested a new round of earnings alongside rising political and geopolitical uncertainty. The S&P 500 fell 0.53%, the Dow Jones slipped 0.09%, and the Nasdaq Composite dropped 1%, with losses led by technology stocks. Chipmakers were under pressure after reports that Chinese customs authorities have blocked Nvidia’s H200 chips from entering the country, adding to concerns around trade restrictions. Financial stocks also weighed on the market, with Wells Fargo falling more than 4% on weaker-than-expected revenue, while Bank of America and Citigroup declined despite earnings beats, as investors questioned whether results were strong enough to sustain valuations near record levels.
Markets found little support from solid US inflation and retail sales data, instead focusing on what the figures could mean for the inflation outlook and future monetary policy. Ongoing political pressure on the Federal Reserve, including scrutiny of Chair Jerome Powell, added to unease around central bank independence. Geopolitical risks also remained in focus, with oil prices swinging sharply amid unrest in Iran, shifting signals on US military action, and renewed attention on US talks with Greenland and Denmark.
In Australia, local shares are set to open modestly higher, with ASX 200 futures up 24 points, or 0.27%, at 8,816. The domestic data calendar is light, leaving offshore developments and US earnings in focus, with several major financial institutions due to report in the next session.
In company news,
Ora Banda uncovers exceptional grades at Waihi as third underground case builds
Ora Banda Mining (ASX:OBM) has delivered multiple exceptionally high-grade gold intersections from drilling at the Golden Pole lode within its Waihi Project, just 3km from the Davyhurst processing plant. Results included intercepts such as 7m at 27.4g/t gold, with internal sections up to 87.5g/t, and several other multi-ounce hits extending below historic workings. The results demonstrate down-plunge continuity of mineralisation and have prompted the company to expand drilling, with a further 20 holes planned to infill and extend Golden Pole. Waihi is being advanced as a potential third underground mine, with a mineral resource update scheduled for the June 2026 quarter that will incorporate Golden Pole for the first time, materially strengthening Ora Banda’s medium-term production outlook.
Neometals strengthens Barrambie gold case with thick, high-grade drill hits
Neometals (ASX:NMT) has reported a series of strong gold intercepts from recent RC drilling at its 100%-owned Barrambie Gold Project in Western Australia, confirming continuity and depth potential at the Ironclad deposit and the historic Mystery mine area. Highlights at Ironclad included broad, high-grade intervals such as 26m at 4.04g/t gold from surface and 19m at 4.16g/t, supporting the interpretation of a wide stockwork zone and a northerly plunging high-grade core that remains open at depth. At Mystery, drilling returned 14m at 11.74g/t gold, reinforcing the presence of a high-grade plunging structure below historic workings. The company has begun updating the Ironclad mineral resource estimate and mine plan, with supporting technical studies under way ahead of mining approvals, positioning Barrambie’s gold potential as a near-term development pathway alongside its titanium assets.
Yandal advances Arrakis discovery with consistent gold mineralisation over 2km trend
Yandal Resources (ASX:YRL) has reported encouraging results from RC drilling at the Arrakis Prospect within its Ironstone Well–Barwidgee Gold Project, confirming consistent gold mineralisation along a more than 2.2km-long trend. Intercepts included 24m at 1.3g/t gold, 18m at 1.6g/t, and multiple higher-grade internal zones associated with the eastern hanging-wall contact, suggesting underground potential. Results also point to shallow oxide mineralisation beneath thin transported cover, improving potential development optionality. With assays pending from additional RC and diamond holes and drilling set to restart in March, Yandal is positioning Arrakis as a scalable discovery capable of supporting future resource growth through 2026.
