A man wearing a face mask on the London Underground 

The S&P 500 wiped out about $1.737 trillion of its value during its two-day market sell-off, according to S&P Dow Jones Indices.

CNBC reports: “The equity benchmark lost $810 billion in value on Tuesday, adding to its $927 billion loss on Monday, according to the firm’s Senior Index Analyst Howard Silverblatt. It’s down $2.138 trillion since last Wednesday’s high, according to S&P Dow Jones.

“Stocks cratered again on Tuesday as investors fled riskier assets amid intense fears about a slowdown in global growth caused by the deadly coronavirus.

The S&P 500′s two-day loss of 6.3% was the largest for the benchmark since August 2015, when the Chinese government devalued the yuan amid the U.S.-China trade war.

Tuesday’s 900 point drop in the Dow Jones Industrial Average added to Monday’s stunning 1,000 point plunge. The Nasdaq Composite fell 2.8% on Tuesday and joined the S&P 500 and Dow in turning negative for the year. Bond yields also plunged as investor sought safer havens. The yield on the benchmark 10-year Treasury note fell to a record low of 1.32%.

The spreading deadly virus, that has infected more than 80,000 and killed more than 2,700, has sent shock waves through the markets. Companies like Apple, Nike, United Airlines and Mastercard have all raised flags about the coronavirus and its impact on their earnings. Chip stocks, which rely heavily on revenues from China, are being abandoned by Wall Street as it becomes more apparent supply chain disruption will persist until the epidemic is contained.

Health officials at the Centers for Disease Control said Tuesday the coronavirus is “likely” to continue to spread throughout the United States and the American public should “prepare for the expectation that this is going to be bad.” This follows news on Monday about a spike in cases in other countries in Asia, the Middle East and Europe, outside the virus’s epicenter in China. Investors are closely watching reports in Italy, Iran and South Korea.

Top White House economic advisor Larry Kudlow told CNBC that the US economy is “holding up nicely” and that the coronavirus in this country is “pretty close to air-tight’ containment.

Meanwhile, US President Donald Trump has returned from India “to see his administration on the defensive over his administration’s handling of the novel coronavirus.

Trump has scheduled a 6pm ET news conference, following a briefing with top aides.

“But while the President and senior administration officials have publicly downplayed the impact of the virus, the White House is also considering additional travel restrictions to address the crisis,” the report said.

“The stock market decline has especially exacerbated Trump’s rising concerns over how to stem the outbreak of the coronavirus even though he has publicly declared the virus to be ‘very much under control in the USA’.

“Investors are growing concerned about the economic impact of the coronavirus, as is the President, whose reelection campaign is banking on a strong economy.

“Trump has been publicly downplaying the novel coronavirus’ effects, because he thinks doing otherwise could cause further panic in the markets — and he’s been frustrated with officials issuing warnings about the unknowns of the virus’s spread.

“As CNN previously reported, Trump has been privately lashing out at officials for coronavirus-related decisions.

“His instinct has been to seal off the US from those testing positive, even Americans, though he acknowledged at a press conference in India that allowing them back into the US was the right thing to do.

“But publicly, the White House has maintained that the President is confident in the current efforts by administration officials already appointed to assist with the coronavirus response.
“White House deputy press secretary Judd Deere tweeted Wednesday that a report indicating Trump was weighing whether to appoint a czar “is not true!”
“Health and Human Services Secretary Alex Azar told lawmakers that he doesn’t anticipate a czar being appointed anytime soon.”

Travel restrictions under consideration

“Earlier this month, the US began implementing travel restrictions on foreign nationals who had visited China and US citizens who have been near the epicenter of the coronavirus outbreak in China’s Hubei province.
“Before Trump announced the China restrictions, there was a debate inside the White House about the logistics of applying such a ban.
“And behind the scenes, Trump is pushing for more travel restrictions on countries where the virus is spreading to, administration officials tell CNN, but so far, no decisions have been made,” the report added.
“Administration officials have been privately weighing imposing additional travel bans similar to the one the US has already imposed with regard to foreigners who have been in China, a senior administration official and sources close to the White House said.”
A senior administration official said: “If it gets to the point where we need to do that, we will.”
“The administration increased the travel advisory warning for Japan and South Korea earlier this week, so those two countries would be likely targets for increased travel restrictions.
“There have been more than 80,000 cases of coronavirus globally and the death toll has risen to more than 2,700, the majority in mainland China.
“The US has 57 confirmed cases, US health officials said Tuesday, a number that is expected to grow.
“Despite the spread of the virus, World Health Organization officials are not yet calling this a pandemic, though they’re close.
In January, the WHO declared the outbreak a “public health emergency of international concern.”