Time to make some predictions. Caveat emptor.
I believe that today, politically, was the inflection point towards having a chance of getting control of this pandemic, internationally. At this point, I don't believe that this will become an unmitigated catastrophe. Things will keep getting worse for a while, and stricter quarantine and distancing measures will be instituted in the following weeks. I still expect millions of deaths globally, in aggregate, but much fewer than if healthcare systems everywhere were overloaded.
Unsure where that leaves the stock market, though; if the market understands things the same way. And if there will be any follow-on effects, in terms of bankruptcies due to debts that can't be serviced. I am not certain that we'll go lower than this in the macro perspective. 60-40, maybe. Probably volatile times ahead regardless.
The inflection point for the epidemic won't be reached for some time yet. If Trump's policies don't fudge the numbers, I expect to see a dramatic increase in US confirmed cases during the next 7-14 days, due to increased testing and continued spread. The Italy-level outbreaks in some states will begin to make themselves visible ~8 days from now. The federal government has reacted just barely in time to prepare for this. Most hospitals are taking serious measures to increase their intensive care capacity, and now have one week to prepare. With some luck, the degree of hospital overload will not be as severe as in Italy, which would save many lives. The USA is still prioritizing the economy above the public health by not blanket recommending work-from-home policies, which IMHO is rather cruel. But as long as healthcare is able to ramp up to cope with the spike, it might not make a big difference to the death toll. Time will tell. This is a big experiment.
I expect Europe to hit the inflection point in number of sick some 10 days from now. Most countries have instituted extreme social distancing, although it is too late to avoid tragic outbreaks on the level of Italy about a week from now. USA probably a bit longer, 14-21 days, after panic (to come) in response to big outbreaks in Seattle, California and NYC cause other states to reconsider.
In more local news, Norway is now rejecting all international passengers arriving by airplane. Only passengers who are able to self-quarantine for 14 days after arrival, are allowed to enter. The military is being called in to enforce this policy in Oslo International Airport. Article, in Norwegian:
Heimevernet satt inn på Gardermoen