There is no relevant economic data being released today. The stock selling and bond rally is due to weekend news that the coronavirus crisis is getting worse, not better. News that South Korea and Italy are experiencing a spike in cases has renewed fears about how the situation is going to impact the global economy. Some traders may have tried to convince themselves that it would be mostly isolated to China. However, the South Korea and Italy news this weekend has renewed the initial concerns the markets had when the virus first started making headlines. The fear is that it will have a noticeable negative impact on domestic and global economies. Weaker economic conditions make stocks less appealing to investors and causes funds to shift into bonds, lowering mortgage rates.