"Yes, but: Two days of 3-percent-plus losses in the market don't constitute a downturn, or even, in technical terms, a market "correction" (which is defined as a 10 percent drop).

* Markets took a dive in late 2018 on recession fears, only to come roaring back. * Today's financial world is still awash in cash, which could provide a calming buffer. The venture capital world is still looking to invest huge amounts: Per Pitchbook, funds raised a record $88.3 billion and $75.5 billion in 2018 and 2019, respectively. * In some cases, smaller companies started laying people off even before this market drop, so they might be able to weather it more easily."

The only true answer is “TBD”. By all indicators the coronavirus has the potential to have a huge impact on people’s lives and the ability for markets to function, but it’s not yet clear how much of that potential will become reality.

They call them sucker rallys to sucker people in to thinking the pain is over.

I'd give it a bit before calling that. Early yesterday morning was up a bit too.

The ideal time to call whether this is an up or down day is probably around 4:01pm EST.