The S&P 500 has turned negative for the year as the coronavirus outbreak worsens.
These experts weigh in on what to watch now.
Lindsey Bell, chief investment strategist at Ally Invest, said the coronavirus effect on global growth is still unclear.
"The move that we've seen in the market, it's been pretty indecisive about what coronavirus actually means to global growth. There's a lot of estimates staring to roll in from Goldman Sachs this morning — four-tenths of a basis point to 2020 estimates from them for China GDP growth. Look, when SARS came out in 2002 and 2003, we saw oil drop 30%. It's only down 15% so far ... but I think you could see more red in the tape as things develop over time."
Josh Brown, CEO of Ritholtz Wealth Management, said the concerns from October are finally happening now.
"You have all these people that have been saying that stocks are overbought. Well, now they have finally pulled back, and people get upset about it. ... You have stocks that are down between 5% to 15% for a variety of reasons that have very little to do with their own fundamental businesses. If this is what you were talking about, you wanted it to happen since October. ... Well, here it is."
Phil Camporeale, asset allocation strategist at JPMorgan Asset Management, said it's still too early to understand the full impact.
"Seventy percent of China is basically going to be shut down until Feb. 10. So, in the near term, impacts are going to be in the emerging equity world. ... I think that's where we're telling clients maybe to pull back a little bit because we have to wait and see what is going on here."
Brenda Vingiello, chief investment officer at Sand Hill Global Advisors, sees opportunities created by volatility.
"The market just went up every day for a period of about three months. And here we are, we have some risks that have developed. The coronavirus, we have tension in the Middle East that has picked up, we have some hits and misses on the earnings side. We are seeing that generally, on the companies that are reporting good results, we're seeing an increase in stock prices. ... We do get some recent opportunities that develop here with this recent pickup in volatility; I think it's worth taking advantage of those. ... We could see a little more downside, and that I think would provide opportunity."
Wes Edens, co-founder of Fortress Investment, said dislocation ultimately leads to good opportunities for investment.
"I think it's a good investment environment. It's one that you have to be careful but ... frequently the dislocations are what create some of the better opportunities. Obviously, I'm not rooting for a big dislocation in terms of this turning into a big health crisis, but it is the kind of situation that unsettles markets and that could lead to good opportunities, for sure.