As of early intraday trading Thursday, all major indices were down more than 1% amid a broad market selloff.
Jim Cramer told Action Alerts PLUS senior analyst Jeff Marks that Wall Street underestimated the impact of spectators being banned from the 2021 Tokyo Olympics.
Olympics organizers banned spectators for the upcoming Games Thursday after Japan declared a state of emergency to combat the continued spread of COVID-19.
“Watching the futures between 4 and 5 a.m., the market looked ugly but not so ugly, Cramer said, adding that investors are underestimating the psychological impact of the edict.
However, Cramer said investors should look to the selloff as an opportunity to pick up some names on their shopping lists.
“When there’s fear, there’s opportunity,” Cramer said.
Recap TheStreet Live: Everything Jim Cramer Is Watching 7/8/21