Market sell-off seems to be overreaction, ready for short-term bounce: Pro

Описание: NationsShares CIO Scott Nations and Barry Bannister, Stifel head of institutional equity strategy, join CNBCs "Squawk Alley" team to break down the market sell-off fueled by coronavirus fears.

A look back at a really bad week for the markets.

Global markets have lost $6 trillion in value over the past six days, according to S&P Dow Jones Indices.

Stock markets around the world are plunging into correction territory as investors fear the surging of coronavirus cases outside of China will escalate the deadly virus to a pandemic.

The market sell-off also wiped about $4 trillion from U.S. stocks in the same period, according to the firm’s Senior Index Analyst Howard Silverblatt. The Dow Jones Industrial Average, S&P 500 and Nasdaq are all in correction territory, down at least 10% from their most recent high.

Stocks have cratered this week, as investors panic about the deadly coronavirus spreading and denting global growth.The Dow has lost more than 3,200 points this week. The S&P 500 is down 10.8% this week, on pace for their worst week since the financial crisis. It was down last Thursday and Friday as well.

The spreading deadly virus, that has infected more than 83,000 in around 50 countries across the globe, has sent shock waves through the markets. Companies like Microsoft, Apple, Nike, United Airlines and Mastercard have all raised flags about the coronavirus and its impact on their earnings.

“The current, and largest concern now is if consumer’s start pulling back on their spending - consumer spending has been supporting the economy, as it makes up for disappointing corporate expenditures,” Silverblatt wrote in an email to CNBC.

Futures pointed to more losses again on Friday.

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