The outbreak's rapid spread puts huge question marks over when economic life in the US will return to normal.
"For us, the general concern is that the duration of the economic downturn is going to err on the side of longer as opposed to shorter", he said. European markets were down after losses in most of Asia.
Now, markets are waiting to see when the number of new coronavirus infections peaks.
FILE PHOTO: A dealer wears a face masks on the ground of the New York Inventory Alternate (NYSE) following merchants testing constructive for Coronavirus illness (COVID-19), in New York, U.S., March 19, 2020.
The Russell 2000 is down 46.18 points, or 4.1%. Hong Kong futures were negative.
The S&P/TSX composite index closed down 516.82 points or almost four per cent to 12,861.93. Sydney's S&P-ASX 200 declined 1.7% to 5,067.50 and India's Sensex lost 1.9% to 27,727.19.
S&P 500 Index futures expiring in June slid 0.9% as of 9:30 a.m.in London, after gaining 2.8% on Thursday.
The Dow endured its worst quarter since 2008 in the three months to March, falling 23.2%.
The NASDAQ Composite screamed higher 126.73 points, or 1.7%, to 7,487.31. "The pandemic will keep spreading, the economic damage will hit even harder, and markets will keep reacting to that damage".
Wuhan residents believe total coronavirus death toll could be 42,000
Most imported cases have involved Chinese returning home from overseas with almost a quarter from arrivals into Beijing. The number is based on a claim that all seven funeral homes in Wuhan were handing out 3,500 urns everyday.
The Russell 2000 index of smaller company stocks picked up 13.81 points, or 1.3%, to 1,085.81.
Among the next milestones for investors is Friday's U.S.jobs report, which will likely show a sharp drop in payrolls.
In the meantime, the collapse in oil costs led to its first main casualty, with shale producer Whiting Petroleum (WLL.N) submitting for Chapter 11 chapter safety.
European markets lost their earlier gains following the US jobless data.
A record 6.6 million Americans applied for unemployment benefits last week - double the number two weeks ago - as the country shut down parts of the economy in an effort to contain the virus.
"The number of unemployed is set to surge and 1H growth will be heavily affected", said Mizuho Bank in a report.
Global coronavirus cases surpassed 1 million on Thursday with more than 52,000 deaths as the pandemic further exploded in the United States and the death toll climbed in Spain and Italy, according to a Reuters tally.
For most people, the coronavirus causes mild or moderate symptoms, such as fever and cough. But others, especially older adults and people with existing health problems may get pneumonia and need to be hospitalized.
U.S. President Donald Trump followed last week's massive fiscal stimulus package by extending his stay-at-home guidelines, leaving investors to await more signs on the next stages of a deepening economic crisis. But top Republicans in Congress say they first want to see how well their newly approved programs do. US crude climbed 1.4%, to $20.38 a barrel, after closing Monday at $20.09, its lowest since February 2002. Bond yields fall as prices rise.