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.

This is CNBC breaking news. Market sell-off.

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Kintanier with Jim Kramer and David

Faber, the New York Stock Exchange. It is going to be one of those opens. Future suggests the worst drop for stock since August, as nearly half of the coronavirus cases outside of China have all come in the past four days. Europe's down nearly 4%. Yields all-time low for the long bond again ten years one three eight here are the

latest numbers on the coronavirus confirmed cases worldwide now topping

seventy nine thousand the death toll surpassing twenty six hundred this is what

Warren Buffett told Becky about the sell-off earlier on squawk I don't know

how many three percent declines I've had my, but there have been a lot of them.

And I can't think of one that you shouldn't have bought on, you know, basically.

That doesn't mean stocks are going to go up or down next week or next month or next year.

But if there's something, if you like to own American businesses, you're getting a chance to buy it 3% cheaper. I don't consider that a lot cheaper. I mean, but how can it be bad news unless you have to sell stocks? Now, if you have to sell them for some reason, it's worse off. If you don't have to sell them, I mean, somebody can come around and offer you a quote on your house today, and it can be 2% less than they offered you

yesterday but if you like the house it doesn't make any difference to you does that mean berkshire

will be buying socks today it's well we certainly won't be selling and and yeah we may we could

easily be buying something sure all right now despite buffett's-term optimism, he did say this is scary stuff regarding the

virus, Jim.

And your long-term caution is proving warranted today.

Yeah, I mean, I just think that the idea, I don't want to put too much fear in.

I know we talked about it this weekend, but the idea that somehow it stops in Italy and South Korea, it seems to be a little fairy taleish. I mean, you can take a plane from Alpensa, that nice airport in Milan, and you can be here in 10 hours. I don't think there's anything that stops you from doing that. Milan's a beautiful city. It's got a good public health system. I've been there many, many times, but it didn't seem to matter. Obviously, there's some areas right around Milan that is, they're kind of without good health care. I think that South Korea, obviously, is another country that we have great relationship. But I don't want to, again, don't want to scare people, but don't know whether today is the day. Why would today be the day?

Warren Buffett, if you listen to all he said, and he was great, he's talking about listening,

it could go lower.

And I think for the purposes of people who don't own the kind of basic American stocks,

...