U.S. equity markets cratered Thursday morning after President Trump suspended travel from Europe for 30 days in an effort to contain the spread of the coronavirus pandemic.

U.S. equity markets were halted shortly after the opening bell when the S&P fell by 7 percent. Trading, which will resume after a 15-minute stoppage, will be halted a second time if the S&P 500 falls to a loss of 13 percent

The Dow Jones Industrial Average tumbled 1,726 points, or 7.35 percent, at the open while the Nasdaq Composite slid 7 percent.