Guessing why the markets do something is like reading the future in the guts of a chicken! But I think the market is reacting not to the virus, which by itself

Guessing why the markets do something is like reading the future in the guts of a chicken! But I think the market is reacting not to the virus, which by itself would have a limited economic impact (and if you think that it affects mostly the elderly, from a pure, cold economic point of view, would rather reduce the long term burden on healthcare, so would be a net economic benefit). I think the market instead reacts to the actions taken to contain the virus, which will likely severely supress the economic activity. Until there is any sign of these actions being reversed (and everything is pointing to the opposite, with France and the EU hinting at more restrictions yesterday), it is rational for the market to be bearish. Then as always there are other considerations, stocks were overly expensive, economic cycles, over leverage, etc.