As investors were waking up to a nasty selloff in global stocks on Monday, CNBC’s Jim Cramer was already up early to fire off a string of tweets in an attempt to “just deal with the facts” about the potential impact of the coronavirus outbreak.
His first one hit at 4:53 Eastern:
Yes, coronavirus has slammed Italy with 132 cases and three deaths. South Korea has 763 cases and seven deaths. There are 35 cases in the U.S. All told, global cases have reached almost 80,000 with more than 2,600 deaths, mostly in China.
Cramer then sounded a pessimistic tone with this tweet:
Cramer also explained his thought process on “Real Money,” where he wrote that it’s not a time to be buying stocks, even with discounted prices.
“Let’s get a little more clarity on the larger-picture outcomes of the coronavirus before we declare it time to go on a stock shopping spree,” he said.
Last week, Cramer told viewers the market wasn’t taking the spread seriously enough. “The virus is totally underrated,” he said at the time. “What I think is a little too premature is they all presume that it is going to be solved within a foreseeable time frame. At what point do we say that many, many companies are going to be hurt by the virus [and] we’re paying too much for stocks?”
Looks like that point could be right about now, with the Nasdaq CompositeCOMP, -3.71%down 3.3% on Monday. The Dow Jones Industrial AverageDJIA, -3.56%and S&P 500SPX, -3.35%SPX, -3.35%were also firmly lower.
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