The financial markets have given President Trump a failing grade for how his administration has handled the first major crisis of his presidency.

If the markets were reassured by Trump’s contentions — that his administration had the spreading coronavirus epidemic under control; that, as he stated, there were enough test kits to accurately gauge its scope; that he has a strong leadership team in place to manage the situation; and that it has a plan — then investors would be reassured and betting on a swift recovery.

Instead they are panicked and heading for the exits. Because there is no evidence of the viral outbreak getting under control. Trump’s unwillingness to acknowledge the seriousness of the matter further erodes confidence. Key positions throughout government are filled with acting directors. Past cabinet members who would challenge and push the president have been fired or resigned.

By all appearances, Trump is a president over his head. That’s clearly how Wall Street sees it based on the sell off that accelerated Monday with not a peep from the White House to allay the panic.

At the start of trading Monday, stock prices dropped so rapidly they tripped a “circuit breaker” that briefly halted trading for the first time since 1997. The Dow Jones Industrial Average finished down 2,014 points, a 7.8% decline. The market is down about 20% since highs in February.

Wall Street hates uncertainty and nothing the administration is doing is providing certainty. Other nations are more aggressively testing, their leaders willing to make tougher decisions to stop the spread of the highly contagious illness. Trump’s strategy seems to be to pretend all is OK.

Investors, meanwhile, anticipate the epidemic will grow far worse and that large segments of the economy will seize up. It is already happening in the air travel and cruise sectors. It is likely to spread to all forms of tourism, to travel and to service industries.

The Trump administration was caught flat-footed when Saudi Arabia and Russia set off a price war for crude oil. Those countries see sectors of the U.S. domestic oil industry — with the small profit margins of its shale oil operations and complex, costly drill sites — as vulnerable to plunging oil prices and weakened demand. Many face bankruptcies.

Brent crude, the global benchmark, plunged 24%, closing at $33.36 a barrel, the worst price collapse in 30 years.

So, what’s the plan, Mr. President?

The Day editorial board meets with political, business and community leaders to formulate editorial viewpoints. It is composed of President and Publisher Timothy Dwyer, Executive Editor Izaskun E. Larraneta, Owen Poole, copy editor, and Lisa McGinley, retired deputy managing editor. The board operates independently from The Day newsroom.