SAN JOSE (CBS / AP) — World markets are enduring violent swings amid uncertainty about how badly the outbreak will hit the economy.

An early plunge of 7% on Wall Street triggered a trading halt as a sell-off slamming global markets continued.

The Dow Jones industrials dropped more than 1,600 points, or 7%, the S&P 500 fell a similar amount. Trading resumed after 15 minutes.

The rout came after President Donald Trump imposed a travel ban on most of Europe and offered few new measures to contain the economic impact of the coronavirus outbreak.

Major Silicon Valley and technology stocks were also impacted by the market drop. As of 7 a.m. Pacific Time, shares in the FAANG companies (Facebook, Apple, Amazon, Netflix and Google) were down 5-6 percent.

Other major Bay Area stocks facing major impacts include San Ramon-based Chevron (down 10 percent in early trading), San Francisco-based Wells Fargo (also down 10 percent) and Santa Clara-based Intel (down 6 percent).

Benchmarks in Europe fell more than 7% even after the European Central Bank announced more stimulus measures.

© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.