Chinese stocks take another beating, other Asian markets calm, as U.S. braces for opening

U.S. investors are waking up this morning to a series of global market movements that were far less turbulent, but still troubling.

In particular, the Shanghai Composite recorded its steepest fall today since 2007, down 8.5 percent. The Chinese government, seemingly in near-panic mode, announced a cut to interest rates and easing of banking requirements, according to the New York Times.

Those moves follow a devaluation of the Chinese currency in hopes of stemming the economic slide. With China one of the fastest growing tech markets, at least until recently, investors had increasingly linked the fate of that country’s economy with the fortunes of Silicon Valley’s giants.

Japan’s Nikkei also fell 4 percent today. But beyond that, other Asian stock markets were relatively chill today, and many European stock markets began the day up.

Still, it’s likely going to be a while before U.S. investors can relax.

Yesterday, the global fallout from China’s economic situation hammered U.S. tech darlings like Apple, Amazon, Google, Facebook, Microsoft and many more without mercy. Things were initially dire enough that Apple chief executive Tim Cook took the extraordinary step of sending out an email to a reporter in an attempt to soothe jangled nerves of investors.

Many of their overseas tech brethren were still hit today. Initially, signs seemed more positive in the morning, as Nintendo rebounded strongly, up 7.5 percent, and Panasonic gained 2 percent.

But some of the gains were short-lived. By late afternoon in Tokyo, Panasonic sank back to nearly 4 percent below its opening, and Nintendo lost much of its gains, though it was still up 2.5 percent.

Sony initially saw its biggest one-day gain in the morning before also ending the day below its opening.

All this sets up a big drama for the opening bells for U.S. stock markets later today.