China's CSI 300 drops 2.4% to 1-year low Monday
Chinese stocks just dropped to their lowest point in a year, mostly because of a big selloff in tech shares.
The CSI 300 Index slid 2.4% on Monday, with companies like Cambricon Technologies and GigaDevice Semiconductor seeing some of the steepest falls.
A lot of this comes from worries that Beijing might let local firms buy NVIDIA's new chips, which could shake up the market even more.
U.S.-China trade tensions curb investor demand
Ongoing U.S.-China trade tensions aren't helping. Recent talks didn't really ease concerns, and possible new US sanctions on Chinese tech firms have investors feeling uneasy.
Marvin Chen, a strategist at Bloomberg Intelligence, said: "With the National Day holiday week coming up there may not be much investor appetite to enter the market given the macro risks such as oil prices and rate volatility," especially with AI hardware and other tech stocks under pressure.
Add in high oil prices and China's upcoming National Day holidays, and it's no surprise the market feels sluggish as everyone waits to see what happens next.