The Australian sharemarket has retreated at the open after Wall Street stumbled to its longest losing streak in more than a month as US stocks gave back more of this year’s big gains.

The S&P/ASX 200 was 21.4 points, or 0.2 per cent, lower to 8751.6 at 10.34am AEST, with nine of 11 industry sectors in negative territory, with healthcare stocks the biggest decliner.

Healthcare was the biggest drag on the bourse, with CSL 2.9 per cent lower, after US President Donald Trump announced on Truth Social, that the US will impose a 100 per cent tariff on imports of branded or patented pharmaceutical products from October 1. A pharmaceutical company building a manufacturing plant in the US will be exempt from the tariff.

Financial stocks slipped, with shares in the big four banks marginally lower

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