EDITOR'S NOTE

It's not often a tiny strand of ribonucleic acid slams global markets into a massive correction, but COVID-19 has done just that.

"It's Wall Street vs. a virus," noted Quincy Krosby, chief market strategist at Prudential Financial. "Who wins?"

Coronavirus spurred history's fastest correction in the S&P 500 in history. The Dow Jones Industrial Average lost 3,500 points. U.S. stock investors lost more than $3 trillion in value. Traders scrambled into bonds sending the 10-year Treasury yield below 1.12% for the first time ever.

Fred Imbert breaks down what exactly just happened and what happens next.

CNBC's Jeff Cox writes that despite one of Wall Street's worst weeks ever, there was little sign of panic - just an orderly line for the exit. This could be a bad sign since recovery may depend on panic to hit a turning point.

The market may have more to drop as the coronavirus begins to express itself in the economic data, writes CNBC's Yun Li. Next week we'll get ISM manufacturing and service sector data as well as a the Federal Reserve's Beige Book.

"Look out for ISM surveys and Beige Book for early signs of COVID-19 impact," Michelle Meyer, Bank of America's head of U.S. economics, said in a note Friday. "It will take time for the 'hard' economic data to show the impact but we are already seeing evidence in early economic indicators."

President Donald Trump on Friday said he hopes the Fed does something. Given the potential for another nasty week, we may see a response from one or several central banks the next few days.

Hold tight and thanks for reading Weekend Brief.  Email your thoughts to EveningBrief@nbcuni.com or message me on Twitter @tellittoal.

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