NEW YORK (AP) — Stock trading was halted on Wednesday for the fourth time this month, as the S&P 500 index dropped 7%.

The automatic circuit-breaker was triggered around 1 p.m., as President Donald Trump and other officials updated reporters on measures to combat the coronavirus.

Markets have been highly volatile in recent weeks, and the outbreak seems increasingly likely to cause a global recession.

The price of crude oil dropped another 18% as traders anticipate a sharp pullback in demand for energy.

Even prices for longer-term U.S. Treasurys fell as investors sold what they could to raise cash.