Cramer explains why Thursday's sell-off is happening

Jim Cramer
Scott Mlyn | CNBC

CNBC's Jim Cramer weighed in on Thursday's sharp pullback in U.S. equity futures, citing a number of factors from Japan announcing a state of emergency for Tokyo ahead of the Olympics due to Covid and sharp drops in cryptocurrencies.

At the time of Cramer's remarks, shortly after 7 a.m. in New York, Dow futures were down around 450 points. Futures for the S&P 500 and Nasdaq were also more than 1% lower. All three stock benchmarks were down more than 1% shortly after Thursday's open on Wall Street.

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