NEW YORK (AP) — Stocks are sinking again on Wall Street as more signs piled up of the economic and physical pain being caused by the coronavirus outbreak.

The S&P 500 dropped roughly 3% in Wednesday morning trading after President Donald Trump warned the country to brace for “the roughest two or three weeks we’ve ever had in our country.”

The selling was widespread, and all 11 sectors that make up the S&P 500 were down. Long-term Treasury yields sank as investors moved into safer investments.

Stocks worldwide fell following a weak reading on sentiment among large Japanese manufacturers and after big British banks cut their dividends to preserve cash.