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Market News: Valeant, Williams Companies, Freeport-McMoRan

The stock markets in the United States extended its losses today due to the continued concerns among investors regarding the slowing Chinese economy, which could spill over globally.

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The equity markets were also negatively impacted by the selloff of shares in the commodity and biotechnology industries, and the mixed economic data.

In an interview with Bloomberg, James Gaul, a portfolio manager at Boston Advisors commented, “We are in a chaotic market, lots of volatility but not making much progress in either direction. Earnings are going to be really important this quarter considering the macro backdrop and general global fears as well as the concerns about the Fed potentially raising interest rates as early as next month.”

Data today showed that Chinese industrial companies experienced the biggest profit drop since 2011. China’s industrial profits declined 8.8% in August from the period last year.

Some of the export-oriented enterprises in China suffered from...