U.S. equity markets fell sharply Wednesday amid doubts over the effectiveness of proposed stimulus measures to combat the economic uncertainty caused by the outbreak of the new coronavirus.

The Dow Jones Industrial Average was lower by 729 points, or 2.9 percent, in the opening minutes of trading while the S&P 500 and Nasdaq Composite were down 2.9 percent and 2.6 percent, respectively.

The early selling comes after the major averages all gained close to 5 percent Tuesday as President Trump floated a payroll tax cut and other fiscal measures to buoy the U.S. economy.

Looking at stocks, airlines are in focus after American, Delta and United on Tuesday cut more domestic and international flights amid a wave of cancellations. Cruise operators and online travel-booking companies were also trending down. Read more at FOX Business