The markets may have "priced in" the impact of COVID-19 based on a couple of scenarios. But they may also have priced in other factors, such as the plateauing impact of US corp tax cuts, share buybacks and cheap capital.

It's likely however that those scenarios didn't attach a high weight to the probability like 20 million Italians living in a state of quarantine, or that 8,000 plus patients in China would die and industrial production levels would plummet.