Coronavirus Update, March 03: Here's What You Need To Know Today

A warning from the World Health Organization (WHO) Tuesday that the world is in "unchartered territory with COVID19" served as a reminder of the uncertainties and danger posed by an epidemic that has killed thousands and sent shockwaves across the global economy.

As the virus claimed four more lives -- all in Washington-- taking the U.S. death toll to six, President Donald Trump piled pressure on the Fed for a "big cut" to interest rates to stimulate the economy, whose performance will largely decide whether he will get reelected in November. Goldman Sachs analysts have predicted that the Fed will cut rates by 50 basis points in its March meeting. President Trump, a long-time critic of the Fed's conservative approach, could be wanting more than that.

Dow futures rose pre-market on the hopes of a global stimulus as governments look to avert an economic disaster from the novel coronavirus, which has constricted economic activity across China, the world's factory, and pushed a broad spectrum of companies and industries toward crisis. The Reserve Bank of Australia said it was cutting its cash rate to 0.5%, and Malaysia's central bank cut its benchmark rate. Analysts expect other central banks to take the same path. Bank of England governor Mark Carney also made reassuring statements on helping businesses and households through economic shock from the virus.

European markets emerged from the red on statements by governments and central banks that they would step in if needed to soften the blow from the virus. The G7 countries are formulating a response to the virus' impact, which would see them pledge to work together, Reuters reported. But it will stop short of calling on the countries to coordinate on government spending or rate cuts.

With large swathes of China remaining under quarantine or facing travel restrictions, companies with supply chains in China have been impacted. More companies will face supply-chain pressures as the crisis continues. At Apple's Shanghai plant, which makes 40% of its iPhone handsets, only has 25% of workers are back at work. Foxconn’s plant has only 50% attendance, the Global Times reported.

The travel restrictions imposed by various governments are already negatively impacting the aviation and tourism industries worldwide.

Twitter asked its staff around the globe to work from their homes. Facebook is pulling out of this year's South by Southwest (SXSW) music and tech festival, Reuters reported. NBA asked players to fist-bump with fans instead of high-fiving them and to avoid taking items to autograph.

COVID-19 goes berserk outside China: So far more than 90,000 people have been infected across the world by COVID-19 across 73 countries. The death toll has risen above 3,100, with more than 170 of those outside mainland China.

China, the epicenter of the epidemic, reported 125 new cases Tuesday, the lowest since January. It reported 31 more deaths, all in Hubei province, raising the nationwide toll to 2,943.

Even as the draconian measures imposed by the Chinese government finally seem to be applying the brakes to the coronavirus' rapid spread, the pathogen is wreaking havoc outside of the country.

South Korea, the country with the most severe outbreak outside China, reported three more deaths Tuesday morning. South Korea President Moon Jae-in declared war on the coronavirus, ordering additional hospital beds and more face masks to be made available. The country has reported 600 new cases in the past 24 hours. In all, it has reported 4,812 infections and 34 deaths. Twenty-three COVID-19 patients are in critical condition, according to Korea Centers for Disease Control and Prevention, reported the Yonhap News Agency, which also said the number of new cases in South Korea's capital rose to nearly 100 early Tuesday.

Hospitals near breaking point: Italy, the other global hotspot, has so far reported 2,041 confirmed cases and 52 deaths. Hospitals in the Lombardy region, where 10 towns remain under lockdown, are near "breaking point," reports have said. The private sector has been called upon to help.

Pope Francis reportedly tested negative for virus after canceling a planned retreat due to a cold.

Worryingly, there were not many updates on the number of new infections and deaths from Iran, one of the countries that have been the worst-hit. Earlier reports said the country's top leadership itself is among those infected, and there is suspicion that the government in Tehran is tampering with data to hide the real impact of the virus.

Canada has asked travelers arriving from Iran to self-isolate at home for 14 days even if they are not showing any symptoms.

In New York, Gov. Andrew Cuomo issued a directive to all insurers to waive cost-sharing associated with virus testing. "We can't let cost be a barrier to access to COVID-19 testing," he wrote on Twitter.

U.S. Surgeon General Dr. Jerome Adams told people not to panic: "I want folks to understand that we knew this was coming, we told folks that this was going to happen and it is why we've been preaching preparedness from the very start," he said.

On Tuesday morning, Adams tweeted: "People are buying masks because they are worried & want to protect themselves. I get it. But here are some better/ proven ways to your risk of #Coronavirus AND #flu." 1) Wash hands frequently 2) Stay away from those who are sick 3) Clean surfaces. Get your #FluShot

Arizona, California, Florida, Georgia, Illinois, Massachusetts, Oregon, Rhode Island, New York, Oregon, Washington, and Wisconsin have reported coronavirus infections, and more are likely to do so.