The U.S. has its first reported coronavirus case, according to the CDC.
So, what does this mean for the markets?
Marci McGregor, senior investment strategist, Chief Investment Office for Merrill and Bank of America Private Bank, joined TheStreet to break down what it means for the markets.
"So we're watching this closely so far in terms of human to human transition and the deadliness of the virus. This does not seem to be as serious as the SARS virus. So, we'll be watching that closely. But on the other hand, this is occurring right at the height of the transit around the Chinese New Year. So the chance that this could spread further is a very real concern right now. So, I think about it, you know, for the U.S. economy, I think about what the impact is to the consumer. So, Chinese tourists are not the largest number in terms of cohorts that travel to the U.S. but they're the biggest spenders in the U.S. so I think about what happens to consumer confidence?" Said McGregor. "Luxury goods tend to be where we see the spending concentrated. So that's how I'm thinking about it for the U.S. economy. Now in China, this is already, you know, spreading around the country. Again, we have to watch how quickly it moves. Think about things like leisure travel. Airlines, while no U.S. or North American airlines serve the specific province directly. This does come at a time of a lot of transit in China right now."
Watch the full video above for the sectors she expects to be impacted.