Australian stocks got crushed on the market open

Roberto Serra/Iguana Press/Getty Images

Australian stocks fell hard in early trade, following Wall Street’s lead.

In the US the S&P 500 closed Friday down 1.1%.

On the local market this morning, all ten sectors were losing ground.

The financial stocks were the main drag, with the major banks weaker, led by the ANZ down 1.15% to $35.19. AMP was down 1.35% to $6.57, Macquarie 1.48% to $80.01 and the Bank of Queensland 1.04% to $13.38.

In the region, the Nikkei was down 0.31% and Korea’s Kospi weaker by 0.5%.

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