Wall Street’s selling wave hits the ASX


The Australian share market was hit by a wave of selling from Wall Street.

Overnight US stocks fell for a third session in a row, with technology leading the way lower over worries about falling demand for iPhones.

The S&P 500 dropped 2%, the tech-heavy Nasdaq 2.8%, and the Dow Jones Industrial Average 2.3% or 602 points.

On the local market, the ASX200 fell hard, closing at 5,834.20, down 107.10 points or 1.80%.

The major banks and the big miners led the way lower.

The NAB fell 1.5% to $24.50 and Rio Tinto shed 2.5% to $80.51.

Westpac, going ex-dividend, was down 5.4% to $26.24.

Among tech stocks, Computershare was down 3.4% to $19.81.

Qantas was down 2.5% to $5.75 and Telstra 1.3% to $3.03.