Josh Brown, Ritholtz Wealth Management, Kourtney Gibson, Loop Capital Markets, and Brenda Vingiello, Sand Hill Global Advisors CIO, join 'Fast Money Halftime Report' to discuss the state of the market rally and what's next for the market.

Stocks fell broadly on Friday, the final day of the month, as traders tried to assess the potential economic impact of China’s fast-spreading coronavirus while digesting earnings from Caterpillar and Amazon.

The Dow Jones Industrial Average dropped 300 points, or 1%. The S&P 500 was down 0.8% while the Nasdaq Composite dipped 0.5%.

China’s National Health Commission confirmed on Friday that there have been 9,692 confirmed cases of the coronavirus, with 213 deaths.

The World Health Organization (WHO) recognized the deadly pneumonia-like virus as a global health emergency on Thursday, citing concern that the outbreak continues to spread to other countries with weaker health systems. WHO’s designation was made to help the United Nations health agency mobilize financial and political support to contain the outbreak.

The virus, which was first discovered in the Chinese city of Wuhan, has now spread to at least 18 other countries and has dampened sentiment over global economic growth.

“The outbreak of the coronavirus has added another headwind to the near-term outlook for stocks,” said Peter Berezin, chief global strategist at BCA Research, said in a note. “Viruses often become less lethal as they mutate because a virus that kills its host is also a virus that kills itself. Unfortunately, in a world of mass travel, a virus can spread across the globe before it has time to lose potency.”

In corporate news, Caterpillar shares fell more than 1% after the industrial giant’s CEO warned about “global economic uncertainty” in the company’s latest quarterly earnings report. Caterpillar also issued disappointing earnings guidance for 2020. Those losses were mitigated, however, by a 8.6% surge in Amazon shares.

Amazon posted a quarterly profit and revenue that easily beat analyst expectations. Amazon Web Services, the company’s cloud business, saw stronger-than-expected revenues.

Investors are nearly halfway through the corporate earnings season. More than 70% of the 226 S&P 500 companies that have reported have beaten analyst earnings expectations, FactSet data shows.

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