NYSE Halts Trading on Technical Glitch; All Open Orders Canceled

The NYSE halted trading at 11:32am eastern on Wednesday, amid a technical glitch. U.S. stocks fell amid unprecedented instability in China's stock market. The Shanghai Composite lost 5.9 percent on Wednesday and has dropped more than 31 percent since its high in mid-June; the Shenzhen index lost 2.5 percent. Chinese officials suspended trading for 40 percent of listed stocks, after prior interest rate cuts failed to stop the bleeding. Meanwhile, European leaders set a new Sunday deadline for Greece to come up with tougher reform proposals. The debt-laden country is reportedly asking for a three-year bailout in exchange for the reforms that could be implemented by Greece as soon as next week. A deal could allow Greece to make its July 20 payment to the European Central Bank. Plus, Microsoft (MSFT) shares rose slightly after the software maker announced a new round of layoffs. Microsoft will cut 7,800 workers, largely within the company's phone hardware business. Plus, shares of Tesla (TSLA) were downgraded to SECTOR WEIGHT from OVERWEIGHT by the analysts at Pacific Crest.