ASX200 down 0.4% after 1.1% dip

The S&P/ASX 200 has been weighed down by a selloff in tech and other growth stocks on Wall Street but pared much of its intraday fall as US futures turned up.

Aussie stocks are in for another rollercoaster ride. Picture: NCA NewsWire / David Swift

Welcome to Trading Day blog for Tuesday, October 5. Australian stocks are down 0.5 per cent, led by sharp falls in AfterPay and other tech favourites.

Afterpay shares are trading almost 5 per cent lower  at $113.78 at 3pm AEST after US tech sector falls saw the price of Afterpay's acquirer – Square Inc – dive 5.5 per cent overnight.

The tech-rich Nasdaq Composite Index suffered the biggest losses of the major indices, ending down 2.1 percent at 14,255.48.

The Dow Jones Industrial Average shed 0.9 percent to 34,002.92, while the broad-based S&P 500 tumbled 1.3 percent to 4,300.46.

Apple, Facebook, Microsoft, Alphabet and Amazon all fell between 2.4 per cent and 5.8 per cent in overnight trading.

Inflationary concerns were reignited as oil prices traded at 7-year highs following an OPEC decision to raise output. US oil benchmark West Texas Intermediate jumped by 3 per cent after the meeting to more than $US78 a barrel for the first time since 2014, closing 2 per cent higher at $US77.62.

Iron ore was up US$0.8 or 0.7 per cent to $US117.80 per tonne.

Originally published as ASX200 down 0.4% after 1.1% dip