Trade war worries slammed financial markets again on Wednesday, provoking a rush to the safety of government bonds and another tumble in share prices.

The S&P 500 dropped as much as 2 percent in early trading, with heavy selling in financial and energy stocks, before recouping some of those losses.

Crude oil prices fell more than 3 percent. Prices for government debt — traditionally a safe haven during rocky moments for the market — surged, hammering yields, which move in the opposite direction. The yield on the benchmark 10-year Treasury hovered around 1.62 percent around 10 a.m. in New York, the lowest level since 2016.