Try a different cable and port. Update the drivers also. If all else fails, look up how to uninstall itunes and follow the order of uninstallation. Re install it and you should be good to go.

iOS 10.0.1 is the only software experiencing this that i am aware of?..

It's impossible to downgrade. Basically, Apple stops signing the software which makes it impossible for the phone to read it, says it is invalid. only iOS 10+ is allowed. Sorry! :/

Yes, I am actually a tech agent for Apple. The best thing you can do is up date the drivers and re install itunes.