“Investor psychology can cause a security to be priced just about anywhere in the short run, regardless of its fundamentals” — Howard Marks

1. The World Health Organization has declared the new coronavirus a pandemic — The virus has spread to more than 100 countries. Confirmed cases outside of China have tripled over the past week and officials today locked down all of Italy, where the virus is currently killing more people than anywhere else, even as a wave of rioting in its prisons broke out. Israel announced restrictions requiring all arrivals on international flights to place themselves in quarantine for two weeks. Japan also imposed a two-week quarantine on visitors from China and South Korea.
WHO Director-General Tedros Adhanom Ghebreyesus said that the virus will be stoppable, even if the agency does declare a pandemic. Of 110 countries that have reported the disease, 79 have had 100 or fewer cases, Dr. Tedros said, and 43 countries have fewer than 10 cases. Roughly 80% of cases tend to be mild, but those who are older or have underlying health conditions are at a higher risk. In the U.S., the number of confirmed cases grew to 603, with 22 deaths, across 34 states and Washington, D.C. The executive director of the Port Authority of New York and New Jersey tested positive for the virus.
2. Oil Prices Collapse After Saudi Pledge to Boost Output to Battle Russia — Oil prices recorded their biggest one-day crash since the first Gulf War in 1991 on Monday, tumbling as traders bet that a clash between oil giants Saudi Arabia and Russia could flood a world already hobbled by the coronavirus outbreak with a glut of crude. Saudi Arabian state oil giant Aramco’s move over the weekend to cut most of its official selling prices triggered the oil-price crash, with a barrel of Brent crude, the global gauge of prices, closing down 24% at $34.36. Saudi officials said the kingdom also plans to boost crude output. The tumble puts oil at its lowest level in four years and 50% below a peak hit Jan. 6. U.S. crude futures fell 25% to $31.13 a barrel, also posting their worst day since 1991 and ending the day at a four-year low.
3. Joe Biden won several primaries Tuesday, including the day’s top delegate prize, Michigan — The former vice president easily won Michigan’s primary, the most closely watched among the round of six nominating contests. Mr. Biden’s victory delivered a punishing blow to the prospects of Vermont Sen. Bernie Sanders, who had won Michigan in 2016. The Midwest state was the biggest delegate prize on a day when Mr. Biden also scored wins in Idaho, Mississippi and Missouri. Mr. Biden built his delegate lead over Bernie Sanders with a coalition of African-Americans, suburbanites and older voters.
4. President Trump declared a national emergency to confront the coronavirus crisis— the declaration will release billions of dollars in federal aid — Mr. Trump also called for every state to establish emergency centers and said the government would partner with private industry to speed up virus testing. Centers for Medicare and Medicaid Services Administrator Seema Verma said she was taking action to temporarily restrict all visitors and nonessential personnel from nursing homes. Mr. Trump also said he would waive interest on all student loans held by federal agencies until further notice and instruct the Energy Secretary to purchase “large quantities” of oil for the U.S. Strategic Petroleum Reserve.
5. Stocks in the U.S. continuing a haywire period on Wall Street and avoiding becoming one of the worst weeks in the stock market’s history — the market indexes recovered some ground on the heels of Wall Street’s worst day in more than three decades, when the Dow plunged 10%. But even with late week gains, the Dow is on pace to decline about 15% this week, which would register as the worst week since 2008 and one of the worst in its history. Also, the world’s four biggest cruise lines said they were cutting short voyages and suspending much of their operations until April, an unprecedented shutdown of a $38 billion industry in the wake of the coronavirus pandemic. Hotels hit from the outbreak are cutting room rates and starting to reduce staff, an effort to stabilize the business after plunging revenue, canceled group events and sharp declines in corporate travel.
In Hollywood, the entertainment industry is reeling: Television shows are going on emergency hiatus, movie releases are being delayed, and there is talk of shutting down production entirely.

The week ahead — Economic data from Econoday.com: