Traders work on the floor at the New York Stock Exchange October 31, 2019.

Brendan McDermid | Reuters

This is a live blog. Check back for updates.

10:17 am: Ray Dalio says the coronavirus will cost US corporations up to $4 trillion

Ray Dalio, the founder of Bridgewater Associates, estimated the U.S. corporate losses will amount to $4 trillion due to the coronavirus pandemic. Globally, the outbreak will cost corporations $12 trillion, he added. Dalio said the fiscal stimulus package should be $1.5 trillion to $2 trillion at a minimum, depending on the form of the financial relief such as loan guarantees and credits. “What’s happening has not happened in our lifetime before … What we have is a crisis,” Dalio said in a “Squawk Box” interview. “There will also be individuals who have very big losses. … There’s a need for the government to spend more money, a lot more money.” – Li

10:14: Green across the board

Stocks are now higher across the board, with the Dow erasing an early 700 point loss. The 30-stock index is now up 178 points, for a gain of 0.9%. The S&P 500 is 1% higher, while the Nasdaq Composite is up nearly 3%. – Stevens

10:11 am: Nasdaq turns positive as tech stocks rise

The Nasdaq Composite gained 1.5% as some of the biggest tech stocks rallied. Netflix has jumped 6.8%, while Facebook rose more than 5%.  Amazon, Apple and Alphabet have also posted gains so far. — Pound

9:37 am: Stocks move lower as Dow, S&P 500 fall 2%

The Dow is now down more than 500 points, adding to yesterday’s 1,338 point drop, which was a loss of 6.30%. The Nasdaq opened in positive territory, but couldn’t hold onto those gains, and is now 0.8% lower. The S&P 500 is down 2%. – Stevens

9:30 am: Stocks open modestly lower, Dow falls 130 points

After multiple sessions of huge moves in either direction at the open, Thursday’s start to trading was pretty quiet. The Dow Jones Industrial Average opened 130 points lower, for a loss of 0.65%. The S&P 500 fell 0.3% while the Nasdaq was up 0.2%. – Stevens

8:56 am: Economist: Next week’s jobless claims could hit 2 million as coronavirus halt slams labor market

Next Thursday’s look at weekly new jobless claims may show a tenfold spike to two million as the full force of the coronavirus halt in the U.S. economy slams the labor market, economist Ian Shepherdson told CNBC. “Looking at the states’ unemployment claims numbers that have been coming out over the last few days, it looks to me like the order of magnitude in most states seems to be about 10 times higher than the normal weekly numbers before the crisis,” the chief economist at Pantheon Macroeconomics said on “Squawk Box.” “That means next week’s jobless claims number could jump 200,000-something this week to two million next week.” – Stankiewicz

8:49 am: Dow briefly wipes out gains since Trump’s inauguration

With the coronavirus spreading economic mayhem across the globe, the Dow’s steep drop on Wednesday briefly pushed the 30-stock index below the level where it closed on Jan. 19, 2017, the day before Trump took office.

At session lows, Dow Industrials fell 2,319.92 points to 18,917.46 and nearly 600 points below its close of 19,732.40 a day before Trump’s inauguration. A surge in major market indexes in the last 10 minutes of trading on Wednesday pushed the Dow back above its pre-inauguration levels by a thin 166 points. – Franck

8:30 am: Weekly jobless claims higher-than-expected

U.S. jobless claims rose 70,000 to reach 281,000 for the week ending March 14. Economists surveyed by Dow Jones expected a reading of 220,000. Companies have just started what is expected to be an aggressive round of layoffs due to the slump in demand that the virus is causing. – Stevens

8:21 am: US dollar jumps to multi-year high

As the coronavirus outbreak continues to send jitters through the market, the dollar index jumped to 102.329, its highest level since Jan. 11, 2017 as investors look to have cash on hand. —Francolla, Stevens

8:18 am: Bank of America says the recession is already here: ‘Jobs will be lost, wealth will be destroyed’

Bank of America warned investors on Thursday that a coronavirus-induced recession is no longer avoidable — it’s already here. “We are officially declaring that the economy has fallen into a recession … joining the rest of the world, and it is a deep plunge,” Bank of America U.S. economist Michelle Meyer wrote in a note. “Jobs will be lost, wealth will be destroyed and confidence depressed.” The firm expects the economy to “collapse” in the second quarter, shrinking by 12%. For 2020, the firm expects GDP to contract by 0.8%. —Stevens

8:05 am: Hotel stocks slammed in premarket trading

Hilton and Marriott shares are poised for another brutal day, with both stocks falling more than 10% in premarket trading after posting double-digit declines on Wednesday. Hotels and other tourism companies are pushing for more than $100 billion in relief from the federal government due to the hit their business has taken from the pandemic. Pershing Square Capital Management CEO Bill Ackman said on Wednesday that every major hotel stock would go to zero without significant government action, but that he is still buying Hilton shares. —Pound

7:50 am: Markets will be watching claims data for coronavirus fallout

Investors will be closely watching this morning’s jobless claims report, which could provide a first glimpse into the economic damage that the coronavirus is causing. However, the real picture probably won’t emerge until next week. Jobless claims for the week ended March 14 will come at 8:30, with economists surveyed by Dow Jones expecting a reading of 220,000, which would be up only slightly from last week’s 211,000. Companies, however, have just started what is expected to be an aggressive round of layoffs due to the slump in demand that the virus is causing. —Cox

7:47 am: Oil prices rebound after falling to 18-year lows 

Oil prices bounced back on Thursday, one day after dropping to their lowest level in 18 years. U.S. West Texas Intermediate crude jumped 10% to $22.43, while international benchmark Brent crude gained 4.6%. The relief rally comes one day after WTI fell 24.4% for its third worst day on record. Oil is getting hit on both the supply and demand side. The coronavirus outbreak and subsequent travel slowdown has led to soft demand for crude, while the market is set to be flooded with more oil beginning in April as OPEC+ nations increase their output in a fight for global market share. —Stevens

7:46 am: ECB announces massive stimulus package

The European Central Bank on Wednesday announced a new “Pandemic Emergency Purchase Program” that will use 750 billion euros to purchase securities to help support the European economy. “The ECB will ensure that all sectors of the economy can benefit from supportive financing conditions that enable them to absorb this shock,” the central bank said in a release. “This applies equally to families, firms, banks and governments. The Governing Council will do everything necessary within its mandate.” —Li

7:44 am: Stock futures point to more pain on Wall Street

With reporting from Jeff Cox, Jesse Pound, Thomas Franck, Kevin Stankiewicz and Gina Francolla. 

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