What's a Circuit Breaker? Jim Cramer on the Market Plunge, Oil and Coronavirus

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Jim Cramer is weighing in on the markets. 

The S&P 500 plummeted 5%, hitting the Limit Up-Limit Down rule, which suspended trading, just minutes after the market opened at 9:30 a.m. this morning.

So, what does this mean for the markets?

That's where Jim Cramer comes in.

Let's Talk About the Markets

U.S. equity futures plunged lower Monday, following some of the biggest single-day moves in world markets since the global financial crisis, as coronavirus concerns pulled bond yields sharply lower and oil prices cratered after the collapse of OPEC's agreement on production cuts late last week.

Compounding the global market sell-off, which Bank of America estimates has destroyed some $9 trillion in equity value in just 9 days, is a concurrent fall in government bond yields, which are moving at a speed not seen since the global financial crisis, noted TheStreet's Martin Baccardax.

Let's give you a quick update on the coronavirus cases worldwide. There are over 110,000 cases, with 3,800 deaths. The United States has over 500 cases, with 22 deaths.

And Then There's Oil

Global oil prices plunged the most in nearly two decades Monday, pulling U.S. crude to the lowest levels since 2014, as a collapse in OPEC's pact on production cuts and plans from Saudi Arabia to boost output sent world markets into a tailspin.

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