NEW YORK (CNNMoney.com) -- China stocks swooned overnight - the response on Wall Street: Yawn.

A 6.5 percent decline in the Shanghai stock market sent U.S. equities lower at the open Wednesday, but no global wave of selling ensued - a sign of how accustomed investors are growing to sharp swings overseas.

Around midday, the Dow industrials were modestly higher - compare that to the 416 point loss the blue-chip barometer chalked up the last time Chinese stocks tanked. And European shares only fell slightly.

Global markets may be more linked than ever before, but investors are growing accustomed to wild swings in China, according to Paul Nolte, director of investments at Hinsdale Associates, a money management firm.

"Financial markets have at least learned to deal with China on a short-term basis. They're figuring what's going on there is not going to have a major impact on the U.S. - at least not immediately," he said.

In another sign of how investors are taking the China storm in stride, the yen has remained fairly stable. In the past, sharp declines in Chinese equities have led to a rise in the Japanese currency as yen-funded carry trades came unwound.

The yen carry trade refers to when investors borrow yen at ultra-low interest rates and use the funds to buy higher-yielding investments based in other currencies.

The unwinding of yen carry trades that occurred in late February occurred when global equities came under pressure and investors - caught off guard - began curbing their risky positions, says Ronald Simpson, global currency analyst at Action Economics.

But investors have been bracing for some weakness in Chinese stocks - which have risen at a blistering pace in recent months. "It's a bubble situation that everyone is looking forward to having some air let out of to a degree," Simpson said.

Furthermore, the 6.5 percent decline isn't much of a correction for a market that has gained more than 50 percent for the year, says Emily Sanders, CEO of Sanders Financial Management.

"There shouldn't be a direct correlation between profit taking in the Chinese stock market and what goes on in the U.S. market," she said.

And when it comes to the U.S., the economy still looks to be in fairly shape, says Edward Keon, chief investment strategist at Prudential Equity Group. Growth may be slowing, but inflation numbers still appear to be fairly tame, he says.

"The backdrop we have now is slowing growth but the possibility of improvement over the next several quarters combined with less inflation pressure. Historically, this has led to strong stock returns," he said.

In addition, equity valuations have been remarkably stable over the last five years, says Keon. He thinks U.S. stocks are undervalued and still have some room to run this year and into next.