The Australian market dives on a technology stock sell off in the US

Cliff diving from 27 metres at Azores, Portugal. Dean Treml/Red Bull via Getty Images

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.

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