Global Markets are Selling off, China Stocks Halted Again

Chinese shares plummeted 7% in just 30 minutes of trading, triggering circuit breakers and causing the shortest trading day in Chinese stock market history. It's the second time this week, the Chinese market has been halted due to a freefall. WTI crude oil has fallen below the financial crisis lows to 12 year lows. Yahoo (YHOO) is working on a plan to cut its workforce by at least 10% and it could start the process as early as this month, according to Business Insider. The report says the layoffs will result in more than 1000 people leaving the tech giant and would impact its media business, European operations and platforms technology group. Yahoo did not comment. Macy's (M) is cutting jobs and closing stores after a weak holiday shopping season. CEO Terry Lundgren says Macy's will continue to invest in mobile and online shopping.