Let's break down what's happening to the markets.
How the Markets Look
Thursday, Feb. 27 saw the biggest points drop for the Dow and S&P 500 in history.
Over the past week, the Dow has plummeted 3,200 points.
Percentage-wise, Thursday wasn’t even in the top 20 worst percentage drops for the Dow, S&P 500 and Nasdaq.
It was the worst percentage drop for the Dow and the S&P since February 2018, which saw two days where the Dow declined 1,000 points.
All three indices closed down 4%. And they entered correction territory, meaning that they’re off 10% from recent highs.
The S&P 500 is 12% below its peak.
Jim Cramer will be giving his latest thoughts on the market in a special edition of TheStreet Live at 10 am E.T.
Cramer's Stock Picks
"What bounces best? What stocks can I suggest that make sense in the new stay-at-home era? You can have all the obvious ones, the staples, the stuff you have to stock up on if the epidemic sweeps through the country, something that the market suggested would happen when it was at its lows. I do think those lows can be revisited, because there can be no assurances that more people will pop up who didn't go to China and don't know they have the illness. We've got one, in northern California, who probably touched dozens of people in the period when he was asymptomatic and then when he was really sick, but poorly diagnosed," wrote Cramer in his Real Money column late Thursday.