The broader All Ordinaries index (^AORD) also finished in the red, down 0.39 per cent to 6,247.80 points.
Materials, information technology and communications dragged the share market down, while consumer staples, energy and financials finished in the green.
What happened this afternoon?
The benchmark S&P/ASX200 (^AXJO) is down 0.34 per cent to 6,118 points at 12:13pm AEST, with most sectors trading lower.
The broader All Ordinaries index (^AORD) is also 0.48 per cent lower to to 6,242 points at 12:14pm AEST.
Materials and information technology are the worst performing sectors, trading down more than 1 per cent, followed by industrials, healthcare and energy stocks.
The banks sector has bucked the trend, trading 0.86 per cent higher to 4,918.9 points, with ANZ and Westpac trading 2.16 per cent and 2.25 per cent higher respectively.
What happened this morning?
The benchmark S&P/ASX200 (^AXJO) has opened flat, down 0.028 per cent at the opening of trade to 6,137 points, despite Wall Street ending lower over a stalemate in US fiscal stimulus talks.
The broader All Ordinaries index (^AORD) also opened flat to 6,272 points at 10:09 AEST.
It follows the Commonwealth Bank of Australia recording an 11.3 per cent decrease in profits to $7.3 billion, with chief executive Matt Comyn citing “a challenging environment”.
Investors will today be watching Australia’s Q2 wages survey, with Westpac economists predicting growth to drift 0.1 per cent lower to 0.4 per cent. This would push the annual rate back below 2 per cent.
What happened overnight?
US President Donald Trump’s talks of a capital gains tax initially helped the S&P 500 mark a six-month high, but a stalemate in negotiations over fiscal stimulus forced the market to change its course, finishing in the red.
The Dow Jones and the Nasdaq also finished lower, as investors continued to rotate out of tech heavyweights and into value shares.
Unofficially, the Dow Jones Industrial Average fell 101.13 points, or 0.36 per cent, to 27,690.31, the S&P 500 lost 26.14 points, or 0.78 per cent, to 3,334.33 and the Nasdaq Composite dropped 182.74 points, or 1.67 per cent, to 10,785.62.
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