A forgettable week for global stock markets has left investors battered and bruised, with all industry sectors dealing with heavy selling pressure. Tech, energy, and real estate have been the hardest hit areas on the ASX, with investors growing increasingly anxious about the risk of a recession as central banks ramp up their hawkish interest rate pivot. 

Which shares excelled?

One of the few mid-to-large-cap ASX stocks to show any grit this week, shareholders in Lake Resources (ASX: LKE) will be happy to see the stock escape the punishment that its peers have been dealt over recent trading sessions, even if it is trading lower today.

Shares in Lake Resources defied the Wednesday sell-off, and expanded on gains yesterday. There wasn't any particular development behind the surge either, with other lithium stocks crashing this week. With that said, the stock will soon be included in the S&P/ASX 200 index, which means fund managers that track the benchmark index are required to take on exposure to the name before the upcoming quarterly rebalance.

Elsewhere, Polynovo (ASX: PNV) entered Friday trading session with a solid weekly performance, and again, there hasn't been any corporate news to underpin the result. However, it is worth noting that the company Chairman, David Williams, has been consistently buying shares in PNV on-market over recent weeks.Gold stocks like Newcrest Mining (ASX: NCM), Evolution Mining (ASX: EVN), and Ramelius Resources (ASX: RMS) are among those that have eked out positive gains. Gold prices are actually down for the week so far, but it appears as though some investors have rotated into the sector in anticipation of a move higher.

Which shares dragged on the market?

With hundreds of stocks falling into negative territory this week, there was little respite for investors across the board. The selling pressure came from an obvious source, with global stocks currently in the midst of a brutal sell-off that has pushed both the Nasdaq and S&P 500 deep into bear market territory. 

One of the biggest stories this week has been the slump in Link Administration (ASX: LNK), which followed concerning setbacks on two fronts. First, the company proposed takeover is on the rocks, with the ACCC voicing some competition concerns over the deal launched by Dye & Durham. Secondly, the company also unveiled news regarding a potential lawsuit in the English High Court in response to a Group Litigation Order.Growth stocks were always up against it this week, but shareholders in Novonix (ASX: NVX) will be left licking their wounds after a difficult showing for the stock. The company was the worst-performing stock across the ASX 200 on Wednesday, extending its fall from grace in 2022. Shares in NVX are now down more than 75% year-to-date, and a decision by major shareholder, St Baker Energy, to dump 7.6 million shares only compounded losses for the battery metals stock.Shares in copper and gold explorer Chalice Mining (ASX: CHN) have also been on the back foot this week, with the stock tumbling for the fourth consecutive week. After raising $100 million in fresh funds via an institutional placement last month, the stock has recorded only a few positive trading sessions since then, dropping more than 30% below the capital raise price of $6 per share. From the uranium sector, Paladin Energy (ASX: PDN) has been under fire this week, even though it hasn't released any price-sensitive news for the best part of six weeks. Uranium prices are still sitting at elevated levels - they were even trending higher last week, albeit down from highs in April - but it appears risk-off sentiment has dampened enthusiasm for names in the sector. What more, the Australian government has dismissed nuclear power as part of the country energy plan, keeping a lid on enthusiasm for uranium players. Touching a multi-year low, Megaport (ASX: MP1) has been one of the weakest ASX names from the tech sector this week. It has been a horrible time for tech stocks of late, and Megaport shares have been sold short amid soaring inflation that has prompted an aggressive rate hike cycle, something a growing number of economists believe could lead to a recession. Going further back, Megaport shares haven't found any steady footing this year since either of its two quarterly trading updates. Financials haven't escaped this week sell-off, and apart from obvious names like the banks that have had a big impact, Latitude Financial Group (ASX: LFS) is another stock that has had a week to forget. As a lender, as well as a digital payments business with buy-now pay-later exposure, the company is finding itself impacted by rising interest rates. In addition, its plan to acquire the BNPL division of ASX-listed peer Humm - a transaction that has since been terminated - drew a weak response, with the industry facing more questions as bad debts are expected to increase. 

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