The Australian stock market has ended a five-day record-breaking streak with local shares down at noon.

The benchmark S&P/ASX200 index was down 19.9 points, or 0.28 per cent, at 7059.6 at midday AEDT on Tuesday.

The broader All Ordinaries index fell 20.3 points, or 0.28 per cent, to 7176 with all but two sectors – consumer staples and materials – in the red.

BHP Group led the market down after a first half report that said production and cost guidance was unchanged for the financial year but petroleum production was likely to be at the lower end.

BHP was down 5 cents at $41.19 at midday. Mining giant Rio Tinto powered higher, adding 20 cents to $106.39.

Supermarket heavyweights Woolworths and Coles were higher, with Woolies gaining 70 cents, or 1.78 per cent, to $39.94.

European markets were slightly lower overnight amid quiet global trade due to the Martin Luther King Junior public holiday in the US on Monday.

The local dip on Tuesday comes after five consecutive trading days of record gains in the wake of the signing of the phase one China-US trade deal.

The S&P/ASX200 finished Monday up 15.4 points, or 0.22 per cent, at 7,079.5 points after reaching a new high of 7092.5 in morning trade.

The All Ordinaries gained 16 points, or 0.22 per cent, to 7,196.3 on Monday.

The Australian dollar was buying 68.73 cents at 1200 AEDT on Tuesday.