The Dow Jones Industrial Average dropped nearly 3,000 points Monday—its steepest decline of the monthlong selloff—reflecting fear the emergency measures taken by the Federal Reserve may not be enough to ward off a coronavirus-induced recession.

The decline underscores the level of worry among investors since the coronavirus pandemic escalated and disrupted supply chains, sidelined workers and infected tens of thousands of people. To combat the potential economic fallout, central banks and governments have put in place various stimulus measures.

Those efforts, so far, have yet to stem the selloff. The S&P 500 is down 30% from its peak reached less than a month ago. Shares in the two largest U.S. companies by market value—Apple Inc. and Microsoft Corp.—each dropped more than 12% Monday.

“This is what panic looks like,” said Patrick Healey, president and founder of Caliber Financial Partners. “It doesn’t matter what the Fed did over the weekend or what they could have done, the trading activity in the market is reflective of fear and uncertainty.”

“The only thing that is going to calm markets is seeing the number of [coronavirus] cases go down,” he said.