Australian stocks are falling

Jamie Maclaren of the Roar alls after a tackle during the round nine A-League match between the Western Sydney Wanderers and the Brisbane Roar. Mark Kolbe/Getty Images

Australian stocks fell sharply in early trade.

Investors followed Wall Street where the S&P 500 closed down 1.5%.

On the local market, all ten sectors were in the red, clawing back some of the gains of the last two sessions. The ASX closed 1.46% higher yesterday and 2.42% on Wednesday.

A short time ago, the ASX 200 was at 5,032.20, down 69.81 points or 1.37%.

Today the major banks and the big miners were sold down.

The NAB lost 2.2% to $28.30 and BHP dropped below $17 again to trade at $16.51, down 3%.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.