The S&P/ASX 200 fell by more than 1% at the open but recovered somewhat through the day as US futures turned positive to close down 0.5% at 7139.50. The index hit an intraday low of 7086.80, a level not seen since May 2021. Information technology stocks led the decline.
Investors are focussed on US earnings results this week as companies including Tesla, Microsoft and Apple report and give outlooks for the next quarter.
The US Federal Reserve FOMC meeting on Wednesday is likely to push a hawkish tone on monetary policy and when the first rate rise will come, which markets expect in March.
The Aussie dollar is at US71.79c against the US dollar.
Bitcoin is at $US35,050.
Gold is at $US1837.20 an ounce.
Brent crude oil is trading around $US88.68 a barrel.
WTI crude oil is at $US86.34 a barrel.