Investors were quick to rush to the sidelines this week, spooked by the Federal Reserve stark warning about the risk of a recession, as it prepares to throw everything at tackling lofty inflation.

Which shares excelled?

Continuing their unbelievable run of late, it is the ASX coal sector that has built on its monumental year-to-date gains, with another series of strong performances from the heavyweights in this sector. 

New Hope Corporation (ASX: NHC) was the talking point this week, unveiling full-year earnings that highlight just how spectacular its success has been over the last year. During the period, the company increased its revenue by 143%, while net profits soared over 1,100% to just shy of $1 billion. On the back of the results, it has declared a special dividend, which means it has raised its total dividend by around 700% to 56 cents per share.Meanwhile, Whitehaven Coal (ASX: WHC) has asked its shareholders to vote on a proposal for the company to buy back up to one quarter of its shares on issue, which could translate into a $2 billion share buyback program. That would represent an accelerated purchasing program compared with the current scheme in place, and it is all thanks to sky-high coal prices.Despite a tough week for the overall market, there was some respite for a few of the market most-loved battery metals stocks. This includes Pilbara Minerals (ASX: PLS), which at one stage topped $5 per share, and also Argosy Minerals (ASX: AGY) and Lake Resources (ASX: LKE). Increasing lithium prices remain the catalyst for names in this sector, representing growing demand for minerals critical to electrification, including in the case of Argosy, graphite. Elsewhere, Washington H Soul Pattinson (ASX: SOL) was a surprise winner this week. However, those familiar with the company would probably have a good understanding as to why the stock has fared better than so many peers this week. 

SOL reported a strong FY22 in its results announcement this week, with its Group regular profit after tax climbing more than 150% to $834 million. However, it is the company 40% stake in the aforementioned coal giant, New Hope Corporation, that has provided a tailwind not only for its FY22 results, but also for its share price over recent trading sessions.

And lastly, copper miner OZ Minerals (ASX: OZL) is another stock that has performed well this week. It started the week on positive footing amid speculation that BHP (ASX: BHP) could be ready to make another tilt at acquiring the company. But the stock has also been bolstered by news regarding its final investment approval to develop the West Musgrave copper-nickel project at a cost of $1.7 billion, the majority of which has secured funding.

Which shares dragged on the market?

Already up against it given the extent of the market sell-off this week, Sayona Mining (ASX: SYA) had a rough introduction to life as an ASX 200 company, with the stock facing stiff resistance as investors pivoted away from some growth names that have had a strong run already. That also weighed on uranium shares such as Paladin Energy (ASX: PDN) and Boss Energy (ASX: BOE).With its shares hitting a two-year low this week, Domino Pizza (ASX: DMP) was one of the biggest drags on the ASX. The company was one of the first to cite the impact of inflationary costs on its performance, and with these pressures unlikely to abate any time soon, it appears the stock is well and truly in the doldrums at this time. Another pair of names that are feeling the heat, especially over recent trading sessions, are SG Fleet Group (ASX: SGF) and Domain Holdings Australia (ASX: DHG). Although there are no specific announcements tied to the share prices of either company this week, both stocks could be under the pump given the deteriorating outlook for the global economy, and the likelihood rate hikes may need to go further than anticipated, thus hitting demand for novated leases and property respectively.It a similar story for a host of retailers, including Nick Scali (ASX: NCK), ARB Corporation (ASX: ARB), and Breville Group (ASX: BRG), which are all in the doghouse this week as sentiment for consumer retail stocks evaporates. If rates do rise higher than expected, it increases the likelihood that borrowers will have less disposable income to spend on products from discretionary retailers.With markets in a tailspin, fund managers have also found this week to be a hard time. It follows that weaker investment returns stand to hurt the earnings of funds, which is why some of these names have been sold off sharply. This week, the worst performers from this segment include GQG Partners (ASX: GQG), Pinnacle Investment Management (ASX: PNI), and Magellan Financial (ASX: MFG).

We'll be back next week with another Weekly ASX Trading Wrap Up - until then, have a great week!