The Australian market headed lower but mostly ignored a second day of steep falls on Wall Street. The ASX200 dipped on opening and a short time ago was down 0.20% to 5,871.90 points, still well below the key support level of 6,000 points. Yesterday the index dropped 2.7%, amid a bloodbath for equity markets across Asia, sparked by falls in the US. And Wall Street was hit hard again for a second day in a row, and the sixth consecutive day of declines. The Dow Jones dropped 2.1%, the S&P500 index also took a 2.1% hit and the tech-heavy Nasdaq shrunk 1.3%. CommSec says the selling was more technical rather than driven by changes in the economic environment or corporate profits. A short time ago, S&P futures were up by around 0.5%. The main weight on the local market this morning was the banks with the ANZ down 1% to $25.74. Media stocks fell hard. Nine was down 11% to N$1.867 and Fairfax Media 10.9% to $0.690. The miners gained ground. BHP was up 1% to 433.75 and pure-play iron ore miner Fortescue Metals up 2.6% to $3.86. NOW WATCH: Money & Markets videos Business Insider Emails & Alerts Site highlights each day to your inbox. Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.