The benchmark S&P/ASX200 (^AXJO) has closed down 1.16 per cent to 6,024 points.
The broader All Ordinaries index (^AORD) also finished in the red, down 1.06 per cent to 6,148 points.
What happened this afternoon?
The benchmark S&P/ASX200 (^AXJO) has continued its downward trajectory, dropping 1.10 per cent to 6,027.70 points at 12:06pm AEST.
The broader All Ordinaries index (^AORD) followed suit, falling 1.04 per cent to 6,149.20 per cent at 12:06pm AEST.
The property sector suffered the biggest hit, down 1.59 per cent, while consumer discretionaries fell 1.47 per cent, information technology dropped 1.44 per cent and the financial sector was down 0.93 per cent.
The only sector to buck the trend was utilities, up 0.08 per cent
What happened this morning?
The benchmark S&P/ASX200 (^AXJO) has opened 0.92 per cent lower to hit 6,038,60 points at 10:15am AEST, after US investors fled the market over recession fears.
The broader All Ordinaries index (^AORD) also opened 0.91 per cent lower to be at 6,157.60 points at 10:15am AEST.
National cabinet will meet today to discuss how to continue to battle the Covid-19 crisis, with the prime minister expected to address the media afterwards.
It comes as chief health officer Brett Sutton warned daily virus cases in Victoria could reach 600 in the coming days.
One Australian dollar was trading at 70.96 US cents, lower from 71.52 US cents at close of trade on Thursday.
What happened overnight?
Wall Street saw a sharp sell-off last night after a tech watchdog reported Apple faces consumer protection investigations, and the pandemic continued to worsen in the US.
Apple ended the session 4.6 per cent down, with the tech-heavy Nasdaq Composite dropping 2.29 per cent.
Tesla reported a profit for the fourth straight quarter, with the company now poised for a spot in the S&P 500.
The Dow Jones Industrial Average fell 353.51 points, or 1.31 per cent, to 26,652.33 and the S&P 500 lost 40.36 points, or 1.23 per cent, to 3,235.66.
Are you a millennial or Gen Z-er interested in joining a community where you can learn how to take control of your money? Join us at The Broke Millennials Club on Facebook!