Yes, it's the way of the market to overreact, but are you watching news outside of the US?
I also shrugged my shoulders to CV when the news first started circulating and we only heard of China, but it has since spread worlwide with serious consequences. Italy is literally shut down at the moment and the capacity at their hospitals is already maxed out.
Even in my native home country in Northern Europe we are seeing a huge amount of public events being cancelled - even things that have been arranged for 100 years straight. Most, if not all business trips are being cancelled. Many companies now have their employees on home-office only. Airlines have massive lay-offs and one of the airlines here in Norway may very well go bankrupt. I was just on holiday outside my country and lived in a nearly empty hotel because of all the cancellations.
To say it's a non-event is simply inaccurate. And it can get a lot worse than this still.
