ASX opens lower, most sectors down

Stocks on the Australian market have slipped about 0.5 per cent in early trade after mixed results in the US overnight.

The S&P/ASX200 benchmark index was lower by 29.8 points, or 0.55 per cent, to 5431.4 points after the first 15 minutes of trade on Tuesday.

The All Ordinaries index was 29.9 points lower, or 0.54 per cent, at 5529.2.

Property and information technology suffered the most, with the sectors down 2.4 and 1.2 per cent respectively.

The financial sector was down 0.69 per cent and materials were lower by 0.91 per cent.

Consumer staples and healthcare were the only sectors in positive territory, up 0.72 and 0.85 per cent respectively.

Investors will turn their attention to Treasurer Josh Frydenberg’s address on the economy later on Tuesday.

This will include an estimate of the federal budget balance, which will be greatly revised due to the economic impact of the coronavirus pandemic.

Wall Street was split as continued gains for technology and healthcare stocks helped cover more prevalent losses elsewhere.

Almost 70 per cent of stocks fell on the S&P 500.

The index ended the day at a virtual standstill, up just 0.39 points at 2,930.19.

A stronger US dollar weighed on its Australian counterpart overnight.

One Australian dollar bought 64.65 US cents at 1015 AEST, down from 65.40 at the close of trade on Monday.

Gold is trading at $US1694.89 an ounce.

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