I don't see how we avoid a correction at the minimum, bear market would be no surprise to me. What the hell do I know? How can there not be a contraction in earnings in the next 6-12 months?
If factories in china would open soon, then the damages would not be so bad. But if those factories could not and the restriction of movement/travel to/from mainland china is still on for months on end, then the whole world (not just the US) will be in a huge pain financially. We are paying the price of too much dependent on mainland china.
Business associates in Vietnam told me about a story of a hotel in Hanoi would have to lay off everyone for 4 months and each month, each employee would get less than $70 USD to hold them over. Airlines over there are selling flight tickets for less than $10 USD/each because the lack of demand/cancellation for air travel, especially from mainland china and S. Korea (oversea market is down about 40%). The national carrier Vietnam Airlines is selling flight tickets to select oversea markets for 50% off.
Nestle is cancelling ALL oversea traveling for all employees. Stay tuned.
Edit: ALL indexes of US stock market are down for today 2/27/20.