I'm a lot more worried about the economic effects of the pandemic than about the actual disease as I'm young and healthy. But I think now is the time to buy a big sack of rice and beans, just in case.
If your portfolio is diversified, e.g. via an index following the S&P 500, I don't see a reason to worry. Trying to time the whole market with short-term bets is a gamble, not a long-term strategy.
The stock market is not the economy. Many businesses and schools will be closed down. That massively impacts people who often don't even have a few hundred dollars on hand for an emergency.
