Alibaba, JD.com Drop on Chinese Market Slump; Stocks Pare Losses

U.S.-listed Chinese stocks were under pressure after China's stock market fell at the fastest pace since 2007 on Monday. E-commerce giant Alibaba (BABA) fell more than 2%, while smaller rival JD.com (JD) stumbled more than 5%. Stocks had moved off the worst of the session's losses, though remained in the red after Chinese stocks slumped more than 8%. The rout in Chinese stocks was having a negative impact on crude oil. Commodity investors feared a continued slowdown in the Chinese economy would further reduce demand. Teva Pharmaceuticals (TEVA) was a rare bright spot on markets Monday. Shares jumped after the company agreed to buy Allergan's (AGN) generic-drug company for just over $40 billion.