In a week where the RBA hiked rates for the fifth month in a row, shares rebounded as the central bank pivoted to a softer tone and reiterated the need for wages to be kept in check to prevent a more aggressive rate path.

Which shares excelled?

Lithium stocks have been this week biggest movers, with the segment coming to light as investor sentiment for electric vehicle uptake surges. Last month, Australia saw a record proportion of EVs across all new cars sold, with the category growing to 4.4% of all new vehicle sales. 

Shares in Pilbara Minerals (ASX: PLS) hit an all-time high this week, with the company passing a $12 billion market cap, while the likes of Lake Resources (ASX: LKE), Sayona Mining (ASX: SYA), Core Lithium (ASX: CXO), Allkem (ASX: AKE), Liontown Resources (ASX: LTR), and Vulcan Energy Resources (ASX: VUL) have also rallied strongly.Even Mineral Resources (ASX: MIN) has gotten in on the act as reports emerged that it could be weighing up the prospect of spinning off its lithium division into a separate entity. It has since said that any such strategic initiatives are not sufficiently advanced or certain to warrant disclosure at this time, but that commentary in itself has gotten shareholders excited about the prospect of standalone lithium and iron ore companies to potentially realise maximum value.There was a mid-week rally for interconnection services company Megaport (ASX: MP1), which largely came about in response to a tech-led surge on the Nasdaq. Megaport, which also has considerable exposure to the US by way of its revenue, was one of the biggest beneficiaries, as investors latched onto comments by the US Federal Reserve indicating they are aware of the risks associated with overtightening monetary policy.

With the global energy mix brought into the spotlight amid another blow for gas supplies in Europe, uranium stocks have put in a strong performance yet again. 

Uranium prices rallied this week as investors look at alternative energy sources that could serve regions like Europe and Asia, where many countries are looking to decrease their dependence on fossil fuels. Paladin Energy (ASX: PDN) and Deep Yellow (ASX: DYL) led the gains from the sector this week, and it follows a strong showing last week as well.Elsewhere, shares in NRW Holdings (ASX: NWH) hit a fresh yearly high. The Perth-based construction and mining contractor has been in demand of late, and it can all be traced back to the company full-year results at the start of August. In that instance, the firm upgraded its forward guidance, which seemingly has investors optimistic about the company outlook.Other stocks that have been influential over recent trading sessions include AI chip developer Brainchip (ASX: BRN), fund administration services provider Link Administration (ASX: LNK), Gold Road Resources (ASX: GOR), family tracking app Life360 (ASX: 360), jewellery retailer Lovisa (ASX: LOV), and coal producer Whitehaven Coal (ASX: WHC).

Which shares dragged on the market?

Unable to catch a break this week, Siteminder (ASX: SDR) headlines the list of names that have dragged on the ASX over recent trading sessions. The company, which is the world's leading open hotel commerce platform, has been on a downtrend since it listed in November last year, despite what has otherwise been a robust recovery in the travel sector. Shares in SDR hit an all-time low this week, albeit the company still has a market cap of around $800 million.Codan (ASX: CDA) is another stock that has struggled this week, with the mining technology and communications business caught up in the sell-off earlier in the week. Since the company reported its results in mid-August, the stock has been sinking lower as management flagged the challenging operating environment, and it seems those concerns are still fresh in investors' minds.Just a day after it reported upbeat exploration results giving rise to the prospect that its Gonneville project could host a larger gold deposit than first thought, Chalice Mining (ASX: CHN) shares came tumbling down the next day. The stock was caught up in a broad-based sell-off across resources shares on Wednesday, sinking more than 12%, while the stock has previously attracted a modest level of short interest, which may have compounded problems this week. Last but not least, Breville Group (ASX: BRG) and Bendigo & Adelaide Bank (ASX: BEN) are among this week laggards. While neither has had price-sensitive news to disclose to the market this week, it is likely that interest rates have influenced sentiment over retail name Breville, whereas Bendigo Bank traded ex-dividend on Monday.

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