Bullish market performance abruptly shifted on January 24th as fears of the coronavirus went viral. Stocks sold off, bonds rallied, the yield curve flattened, most currencies depreciated against the US dollar, commodity prices took a beating, and volatility spiked. Investors revealed substantial concerns about disruptions to growth and trade while anticipating supportive rate cuts by the Fed. Viral concerns remain elevated, although US recession risk is modest. As a result, the sell off in stocks should prove to be a buying opportunity.