This is a genuine supply side economic shock. Not a lightening of demand due to overstretched consumers or inflation, but lost economic output due to a hit to the infrastructure that cripples capacity and the ability to deliver goods.
What that means for the market is that instead of looking out 6 months to a year at things, and discounting the meaningless chaff news, they will now be reacting to everything that comes across the tape as they try to assess the economic impact of this virus in very murky waters.
Expect serious volatility. A crash is a possibilty.
The global economy is entirely too dependent on China, who is between a rock and a hard place with this virus. We are going to pay right along with them just because of our dependence on their supply chains.