It does look like the market is pricing in a GFC type event even...

It does look like the market is pricing in a GFC type event even before we're there yet, plus the weekend of worry to fuel the slide today. It's not company fundamentals but market fundamentals that could deteriorate much more in the months to come. While China appears to have a handle on the situation, the other economies that might not be up for the challenge and it's unclear of the impact of this from retail, supply disruptions, businesses closing down, debt serviceability problems even from big companies, bad debts rising from unemployment etc.

The governments are now (hopefully) eyes wide open for the potentially disastrous flow-on effects, and will have enough stimulus prepared to ride out the storm. Government's choice of containment policy clearly has the largest impact on individual economies. If the response is just self-quarantine when sick / wear masks and continue working and shopping, that's fine. But if serious containment measures need to be implemented across USA and Europe like in China (i.e., lock down of cities), the economic repercussion is probably too great and unthinkable at this stage.

Fear and uncertainty is high, eyes wide open to top up in the weeks or months to come. GLTA!