The Australian market fell hard in early trade today following a sell-off of technology stocks in the US.
On Wall Street overnight, the S&P 500 closed down 1.5% and the tech-heavy Nasdaq lost 2.4% as investors feared that stocks were becoming overvalued.
In Australia, local stocks fell 1% on opening, with all 10 sectors in negative territory.
Financial stocks were hit hard with the major banks all losing more than 1%. The Commonwealth Bank was weaker by more than 1.2% to $94.68, AMP lost 1.8% to $6.56 and Macquarie Group was trading down 1.26% to $77.34.