The ASX has collapsed through morning trade today, dropping 1.2% to 7,795 points.

The local bourse has entered correction territory after U.S. President Trump ruled out tariff exemptions on Oz steel and aluminium. Discretionary was the poorest performing sector, down 2.3%, followed by Industrials, down 1.8%.

Utilities has been the only Australian sector to gain ground, up 0.7%.

Heavyweights CBA and BHP were aggressively sold down 1.4% and 1.2% respectively.

Looking to the forums, Core Lithium (ASX:CXO) has been among the most watched on HotCopper today. The company posted encouraging results from drilling at its Mt Shoobridge in the Northern Territory.

Also trending has been Ovanti (ASX:OVT) after it entered a strategic partnership with BNPLPay Protocol, a blockchain-based lending platform for the BNPL sector.

Rounding out the most discussed stocks was Meteoric Resources (ASX:MEI) after it increased its Mineral Resource to 1.1 billion tonnes. This reinforces the company’s tier one status within global rare earth markets.

More market news

Together: The U.S. has suspended aid to Ukraine. Will Europe step into the breach?

Meet GeoGeorge: The HotCopper poster so accurate he got hired as an analyst

Join the discussion: See what’s trending right now on Australia’s largest stock forum and be part of the conversations that move the markets.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.