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CNBC's Michael Santoli surveys the market wreckage.

Treasury yields fell after the Fed cut rates and launched a new quantitative easing program to soften the economic blow from the coronavirus outbreak.

The Federal Reserve announced it will begin buying $200 billion of mortgage-backed bonds, a move that will stabilize and likely lower mortgage rates, which moved sharply higher last week.

NASA, Boeing, Lockheed Martin and Blue Origin are taking measures in response to coronavirus but SpaceX appears to move forward unabated.

"The coronavirus outbreak has harmed communities and disrupted economic activity in many countries," the Fed said.

Goldman Sachs sees no economic growth for the U.S. as the coronavirus outbreak roils markets and business activity.

The central bank chair said he is focusing on interest rates and other "liquidity tools" to keep credit flowing and financial markets operating properly.

"We will maintain the rate at this level until we're confident that the economy has weathered recent events," Powell said.

The group — which includes JPMorgan, Bank of America and others — said in a statement that the pandemic was an "unprecedented challenge."

California Governor Newsom on Sunday directed all "non-essential" businesses to be closed in the state.

The Trump administration is considering "all options" to fight coronavirus, including a suspension of domestic air travel, a senior official said.

"You don't have to buy so much," Trump said, urging against panic buying in the face of the coronavirus pandemic. "Take it easy. Relax."

The Federal Reserve said, "The coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States."

Trump urged Americans to ease up with their shopping as people panic about not having enough food or household items while they are increasingly being asked to stay at home for extended periods of times.

All public schools in Westchester, Long Island and NYC will close this week in a major effort to combat the spread of the coronavirus, New York Governor Andrew Cuomo said on Sunday.

Voters in six 2020 election swing states are worrying about coronavirus hurting the economy, but it's not factoring heavily in their decisions.

Starbucks said it is taking increased procautions in its stores as more communities, and the federal government, call for increased levels of "social distancing" to guard against the COVID-19 outbreak.

"It makes me very happy," Trump said Sunday evening. "I think that people in the markets should be very thrilled."

The Economic Cycle Research Institute's Lakshman Achuthan sees an encouraging sign in the charts.