It's Jim Kramer here. You're listening to the opening bell of CNBC Squawk on the Street.

Don't miss a minute of the action.

Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kaintanier with Jim Kramer,

David Faber at the New York Stock Exchange. The selloff is set to continue today as the U.S.

confirms its first coronavirus case of unknown origin as the corporate warnings mount and analysts

start cutting their numbers on 2020 U.S. and global growth. Europe's down about 3%. Tenure yield,

a record low, 127, and oil is below 47. Our roadmap begins with correction watch as coronavirus

fears grip global markets. Stocks are set to open sharply lower,

extending their worst week since the crisis. Plus course risks to growth. Goldman warning this

morning that a further spreading of the virus or widespread of it could completely wipe out

corporate growth this year. And on the sidelines, White Toll Brothers CEO tells Jim the next few

weeks are critical for the housing market.

So the number to watch is going to be 361 today.

If the Dow falls by that amount, the blue chips will hit so-called correction territory as coronavirus fears weigh on global markets.

Last night at the president's news conference about containing the virus, our Eamon Javries asked him if financial markets are overreacting.

Here's how the president responded.

I think the financial markets are very upset when they look at the Democrat candidate

standing on that stage making fools out of themselves.

And they say, if we ever have a president like this, and there's always a possibility, it's an election. It had to do with the coronavirus years. I think it did. I think it did.

But I think you can add quite a bit of sell-off to what they're seeing.

All right. So how much of that explains today, Jim? Well, I think that the most overshadowing thing

is what happened right in the last few minutes of the press conference,

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