The global selloff in stocks has entered its fifth straight trading day as investors show increasing concern that the coronavirus outbreak could turn into a pandemic that will seriously hurt corporate earnings and economic growth.

What's happening: South Korea's Kospi index fell another 1.3% Wednesday as the number of cases in the country grew to more than 1,260. The sell-off also deepened in Europe following new cases in Switzerland and Austria, and a worsening situation in Italy, where more than 320 people have been infected. Germany's benchmark DAX is off 2%, while Britain's export-heavy FTSE 100 has touched its lowest level in more than a year.

Over to the US: The S&P 500 plunged another 3% on Tuesday after the US Centers for Disease Control and Prevention warned that it's inevitable that the virus will spread to the United States and urged Americans to prepare. Futures were volatile on Wednesday.

The index, which reached an all-time high just one week ago, is now 7.6% down from its previous peak, completely wiping out its gains for the year.

Remember: Market strategists had cautioned that sky-high stocks may be due for a correction, especially as they diverged from bond markets. The yield on 10-year US Treasuries reached an all-time low below 1.32% on Tuesday, driven by fears that the coronavirus will hurt global growth. Adding to stress: The growing list of companies alerting investors that the virus will hit their earnings. Mastercard said this week that revenue growth for the first quarter would be 2 to 3 percentage points lower than previously expected, while Diageo said Wednesday that profits for the year could take a hit of up to $260 million. In a chaotic environment, the next two weeks will be crucial — for containing the outbreak, for the global economy and for markets. "Given the incubation period of the virus, the next two weeks will be critical in determining the extent of the global outbreak, the steps international authorities are willing and able to take to contain it, and the economic effect of those measures," Mark Haefele, chief investment officer at UBS Global Wealth Management, told clients Wednesday. Craig Erlam, senior market analyst at Oanda, a foreign exchange trading firm, told me that he thinks investors will be keen to get back into stocks at the first opportunity, but markets right now are heavily dependent on the news flow. "We're still very much in fear mode," he said. Bob Iger has stepped down as Disney's CEO, effective immediately — ending the tenure of one of America's most respected top executives. Next in line: Bob Chapek, who previously led Disney's parks division. Iger has assumed the role of executive chairman and will direct the company's creative endeavors through the end of his contract in 2021. employees and rival media executives off guard, my CNN Business colleagues Frank Pallotta and Brian Stelter report. His departure had long been telegraphed, but the abrupt announcement caughtemployees and rival media executives off guard, my CNN Business colleagues Frank Pallotta and Brian Stelter report. Investors react: Shares of the company are down 2% in premarket trading. Disney's stock rose more than 435% during Iger's tenure, while the S&P 500 gained roughly 155%. Iger's legacy: Since succeeding Michael Eisner in 2005, Iger oversaw Disney's acquisition of Marvel Studios, Pixar and Lucasfilm, all of which produced films that shattered box office records. He also oversaw the acquisition of most of 21st Century Fox's assets and the launch of Disney's new streaming platform, Disney+. Iger isn't the only high-profile departure to be announced in the past 24 hours. Mastercard said Tuesday that CEO Ajay Banga will step down from his role in 2021 after leading the company for nearly a decade. Salesforce co-CEO Keith Block is leaving Mark Benioff alone at the helm. Plus, the head of Uber Eats is out as the company tries to grow the meal delivery service without bleeding as much money. , the space tourism startup founded by British entrepreneur Richard Branson, have been on a tear recently, rising a meteoric 195% since the start of the year. Shares of, the space tourism startup founded by British entrepreneur Richard Branson, have been on a tear recently, rising a meteoric 195% since the start of the year. Widening losses at the company, however, are encouraging investors to take a breather. On Tuesday, Virgin Galactic reported a net loss of $73 million for the final three months of 2019, compared to a $46 million net loss during the same period a year earlier. It was the company's first earnings report since its IPO in October. The company's stock is down 6% in premarket trading. Cushioning the blow is Virgin Galactic's announcement that it will once again start selling tickets for rides to space, which could help bring in revenue as the company finishes necessary tests. J.M. Smucker, Lowe's, Moderna, Papa John's, TJX, Weibo and Wendy's report results before US markets open. Etsy, Hostess Brands, L Brands, Marriott and Square follow after the close. New US home sales for January post at 10 a.m. ET. Coming tomorrow: The second estimate for US GDP growth in the final three months of 2019.

Source: CNN

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