Art Hogan, chief market strategist of National Securities, says this correction is driven both by coronavirus fears and an overdue need for a pullback.

"We're 10% off our all-time highs. ... So what we have to look at is, how much of this correction is driven by the uncertainty over the economic damage that will clearly follow in the wake of this coronavirus. And how much of this is, this market has been looking for an excuse to pull back. ... And I think there's some combination of both, and it's hard to desegregate that. But, right now what we're forgetting is we're starting this epidemic at all-time highs, so obviously the initial damage is probably going to be a whole lot more than it has been for the other 11 global health scares that we have seen over the last 20 years."