Wall Street experienced its biggest one-day decline since 1987 Monday, with the S&P 500 closing at its lowest level since December 2018. The continuing downturn reflects investor fears that the emergency measures taken by the Federal Reserve may not be enough to ward off a coronavirus-induced recession, Reuters reported.

The S&P 500 tumbled 12%, its biggest drop since “Black Monday” three decades ago, despite the Federal Reserve’s move late Sunday to cut interest rates to near zero. This marked the second emergency interest rate cut in less than two weeks and comes just ahead of its scheduled policy meeting on Tuesday and Wednesday.

The Dow Jones Industrial Average fell nearly 3,000 points Monday as well, fueled by ongoing pandemic concerns. The declines accelerated in the final hour of trading, following President Trump’s prediction that the virus may not be under control until July or August.

Market analysts are bracing for the possibility that a recession may result. But they said it is too early to know the full extent of the economic downturn, according to Reuters.

The real estate sector was the weakest of the S&P 500’s 11 major sectors, with a 16.5% downturn. This marked the steepest one-day percentage drop since 2009. The smallest loser was consumer staples, which sank 7% on the day.