NEW YORK (AP) — U.S. stocks fell sharply in early trading Friday and were on track for their worst week since October 2008 as the spreading coronavirus threatens to derail the global economy.

The virus outbreak has been shutting down industrial centers, emptying shops and severely crimping travel all over the world. More companies are warning investors that their finances will take a hit because of disruptions to supply chains and sales. Governments are taking increasingly drastic measures as they scramble to contain the virus.

The Dow Jones Industrial Average fell 974 points, or 3.8%, to 24,791 as of 10:11 a.m. The S&P 500 lost 3.7% and the Nasdaq fell 3.2%. China’s benchmark index fell 3.7% and Germany’s DAX fell 4.1%.

The benchmark S&P 500 index has now lost 15% since hitting a record high just 10 days ago. Crude oil prices fell again. The rout has knocked every major index into what market watchers call a “correction,î” or a fall of 10% from a peak. The last time that occurred was in late 2018, and market watchers have said for months that stocks were heavily overpriced and long overdue for another pullback.

Bond prices soared again as investors sought safety and became more pessimistic about the economy’s prospects. That pushed yields to more record lows. The yield on the 10-year Treasury note fell sharply, to 1.17% from 1.30% late Thursday. That yield is a benchmark for home mortgages and many other kinds of loans.

Crude oil prices slumped 4.2% over worries that global travel and shipping will be severely crimped and hurt demand for energy.

The weeklong market sell-off follows months of uncertainty about the spread of the virus, which hit China in December and shut down large swaths of that nation by January. China is still the hardest hit country and has most of the 83,000 cases worldwide and related deaths.

Uncertainty turned into fear as the virus started jumping to places outside of the epicenter and dashed hopes for containment.

Airlines and cruise operators have suffered some of the worst hits as flight routes are canceled, along with travel plans. Big names like Apple and Budweiser brewer AB InBev are part of a growing list of companies expecting financial pain from the virus. Dell and athletic-wear company Columbia Sportswear are the latest companies expecting an impact to their bottom lines.

Many companies face the prospect of crimped financial results with their stocks already trading at high levels relative to their earnings. Before the virus worries exploded, investors had been pushing stocks higher on expectations that strong profit growth was set to resume for companies after declining for most of 2019. If profit growth doesn’t ramp up this year, that makes a highly priced stock market even more vulnerable.

Nearly 60 nations representing every continent, except Antarctica, have confirmed cases. The virus outbreak has prompted a wide range of reactions from nations hoping to contain its spread and economic impact.

The Geneva auto show was canceled as Swiss authorities banned large events of more than 1,000 people. Parts of Italy’s northern industrial and financial center remain under quarantine. Japan is preparing to close schools nationwide. The U.S. is preparing for the virus after a case unrelated to travel was confirmed in California.

“This is a market that’s being driven completely by fear,” said Elaine Stokes, portfolio manager at Loomis Sayles, with market movements following the classic characteristics of a fear trade: Stocks are down. Commodities are down, and bonds are up.

Bond prices soared again Thursday as investors fled to safe investments. The yield on the benchmark 10-year Treasury note fell as low as 1.246%, a record low, according to TradeWeb. When yields fall, it’s a sign that investors are feeling less confident about the strength of the economy.

Stokes said the swoon reminded her of the market’s reaction following the Sept. 11, 2001 terrorist attacks.

“Eventually we’re going to get to a place where this fear, it’s something that we get used to living with, the same way we got used to living with the threat of living with terrorism,” she said. “But right now, people don’t know how or when we’re going to get there, and what people do in that situation is to retrench.”

The S&P 500 recently traded at its most expensive level, relative to its expected earnings per share, since the dot-com bubble was deflating in 2002, according to FactSet. If profit growth doesn’t ramp up this year, that makes a highly priced stock market even more vulnerable.