This is a live blog. Please check back for updates.
All times below are in Beijing time.
8:15 am: Asia stocks tumble
Asia stocks fell in early trading, as Wall Street saw another rout overnight.
In Australia, the S&P/ASX 200 was down 1.74%. — Eustance Huang
8:00 am: Royal Caribbean cancels 30 cruises
Cruise operator Royal Caribbean says it has cancelled 30 cruises in Southeast Asia due to the outbreak, Reuters reported.
It has also modified several itineraries in the region and estimated the cancellations would lead to an impact of 90 cents per share in 2020, according to the report.
7:45 am: Japanese stocks set to tumble again
Markets in Japan were set to tumble at the open again as Wall Street saw another plunge overnight on virus fears. The Nikkei 225 had closed down more than 3% on Tuesday.
Australian shares dropped around 1.8% in early trade.
All times below are in Eastern time.
4:40 pm: Dow loses more than 800 points as stocks plunge for a second day
The stock rout continued as diving bond yields raised more concern that the global economy is slowing significantly because of the spreading coronavirus. The 10-year Treasury yield hit a record low as the Dow Jones Industrial Average added to Monday’s 1,000-point drop. Comments from health officials warning of a possible outbreak in the U.S. also spooked investors, causing a turnaround in stocks which had opened the day higher.
The Dow dropped 879.44 points, or 3.1%, to 27,081.36 after being up more than 180 points at one point shortly after the open. The slid 3% to 3,128.21 while the fell 2.8% to 8,965.61. Monday’s session was the market’s worst in two years. The S&P 500 posted back-to-back declines of at least 3% for the first time since November 2008 during the financial crisis, according to Bespoke Investment Group.
3:52 pm: US health officials say human trials on coronavirus vaccine to start in 6 weeks
Human trials testing a potential vaccine for the COVID-19 coronavirus are expected to begin in six weeks, U.S. health officials announced Tuesday. “We are on time at least and maybe even a little bit better,” Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, an agency within the Department of Health and Human Services, told reporters at a press conference. “Hopefully, no further glitches.”
The White House reportedly asked Congress on Monday for $1.25 billion in additional funding to bolster its coronavirus response, including money to develop a vaccine and therapeutics to treat the virus. The National Institutes of Health has been working with biotech company to develop a vaccine using the current strain of the coronavirus. —Lovelace
3:49 pm: US health officials say coronavirus will likely cause a global pandemic
The coronavirus outbreak that’s shuttered commerce across China will likely become a global pandemic, a top U.S. health official said, adding that it’s just a matter of time before the outbreak starts spreading in the U.S. “Current global circumstances suggest it’s likely this virus will cause a pandemic,” Anne Schuchat, principal deputy director of the Centers for Disease Control and Prevention told reporters at a news briefing.
“It’s not so much a question of if this will happen any more, but rather more a question of when this will happen and how many people in this country will become infected and how many of those will develop severe or more complicated disease,” she added.
Health and Human Services Secretary Alex Azar added: “We can’t hermetically seal off the United States.” Azar confirmed four new cases of the virus from repatriated cruise ship passengers, bringing the total in the U.S. to 57.
Read CNBC’s coverage from the U.S. overnight: CDC outlines pandemic planning as fears send stocks plunging for second day
— CNBC’s Eustance Huang, Berkeley Lovelace Jr. and William Feuer contributed to this report.