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.

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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.

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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.

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