Posted 2/5/2024, 5:41:00 AM
Chinese Stocks Drop Despite Regulator Support; US Big Tech Lifts Wall Street
- Asian stocks mostly lower on Monday, with Chinese shares leading declines despite regulator moves to support markets
- Shanghai Composite dropped over 2% before recovering; Shenzhen index sank 5.4% then pared losses
- China Securities Regulatory Commission pledged more enforcement against market manipulation to reassure investors
- Services sector in China expanded slightly slower in January based on private survey
- On Wall Street, Big Tech stocks lifted indexes to records though Dow rose modestly; Amazon and Meta shares jumped on earnings beats