The stock market took another major hit Monday as fears grow over how the coronavirus might wreak long-term economic havoc.

Within the first few minutes of trading Monday morning, the S&P 500 dropped as much as 7.4% and trading was temporarily halted so that investors could catch their breath. The Dow Jones was also briefly down more than 2,000 points before readjusting to the most recent loss of 1,865 points, or 7.2%. The Nasdaq has so far dropped 6.2%.

The sharp drop is just the latest following a couple of weeks of volatility. The Dow fell 1,200 points on February 27 and another 350 points the following day, concluding its worst week since the 2008 financial crisis. Even though markets rallied briefly in early March, thanks to emergency measures taken by the Federal Reserve, the market ultimately continued tanking.

Many are left wondering what we can expect from the market as the virus continues to spread. Is this just a temporary dip, or should we all be battening down for further market downturns?

According to a new survey by Prudential , 45% of respondents are worried a contagious disease outbreak will limit their ability to work, while 45% are also concerned about losses to investment and retirement savings. Fifty-four percent say they are not financially prepared to handle an outbreak.

How confident are you in your ability to weather the financial effects of the coronavirus? Heres what experts say could happen to the stock market and general economy if coronavirus continues to be a threat, and what you can do to protect yourself.

How has the coronavirus impacted the economy so far?