Earlier today, the Federal Reserve cut interest rates by 50 basis points. The Fed rate meeting was scheduled for March 18th, but they couldn't wait until then to cut rates, one of the reasons why this is an "emergency cut". The other reason being that 50 basis points is a lot for a rate cut. This is the first emergency cut since the financial crisis of 2007-2008.
The market has had its worst week in a while. The Dow Jones fell 12.36% in 5 days. It all started the week earlier on Friday when there was a random sell off intra-day on no news.