US stocks start week flat after China sees biggest drop of year
Chinese small-cap index down 5.8% following signals of tighter regulations
After Chinese President Xi Jinping indicated the government intends to double down on financial reforms, targeting state-owned-enterprise debt, the country’s benchmark indices took sharp dive.
The Shanghai Composite closed down 1.43%, while the Shenzhen Composite plunged 4.28%. China’s small-cap index was down 5.8%.
US stocks were in no hurry to do anything to start the week. As of 10:50 Monday morning, he S&P was up 0.09%, the Dow up 0.02% and NASDAQ up 0.11%.