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Jim Cramer on the Market Selloff, Evergrande, Debt Ceiling, Fed, Pfizer: Video

Jim Cramer discusses the market selloff, Evergrande, debt ceiling talks, the upcoming Federal Reserve meeting, Pfizer and more in his latest video interview with TheStreet.

For weeks leading into historically volatile September trading, Jim Cramer warned to anticipate and prepare for some of the worst trading of the year. That time has finally come with stocks opening sharply lower to kick off the trading week.

The Dow Jones Industrial Average was down 559.09 points , the Nasdaq Composite was down 288.10 points and the S&P 500 was down 71.51 points. 

Jim Cramer and Action Alerts PLUS senior analyst Jeff Marks discussed the market selloff, Evergrande, debt ceiling talks, the upcoming Federal Reserve meeting, Pfizer and much more.

Watch the full interview with TheStreet Live at 10:00 a.m. E.T. in the video above:

What Is Evergrande and Why Should You Care? 

China's second-largest property developer, Evergrande, has been caught in a liquidity squeeze that could see it fail to meet bond obligations and head ever closer to a damaging bankruptcy and sale of hundreds of commercial properties. With over $310 billion in debt, the potential impact extends beyond Evergrande and even China with banks, suppliers, home-buyers and investors among those at risk. 

China Evergrande shares hit a fresh eleven-year low in Hong Kong trading Monday to close at HK$2.28 each, extending their six-month slump to around 85%, TheStreet's Martin Baccardax reported. 

Fed Watch Continues

Amid continued worries about inflation, looming debt ceiling talks on Capitol Hill and an ethics review at the central bank itself, the Federal Reserve is set to kick off its two-day September meeting Tuesday with a decision expected Wednesday. 

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While the central bank isn't expected to raise interest rates, plans for the tapering of asset purchases will be closely in focus. 

Real Money's resident Fed expert Tom Graff previewed what's likely dominating Fed Chair Jerome Powell's mind

"Powell is trying to give the Fed some breathing room to make sure that inflation really will be lasting, and that's probably the right thing to do. Hiking too soon is probably more damaging than waiting a little too long. Bu if the trends we see now continue for the next few months, Powell won't be able to keep using this excuse," Graff wrote. 

Pfizer Says Vaccine Is Safe For Children Ages 5 to 11

Pfizer and BioNTech  (BNTX) - Get BioNTech SE Sponsored ADR Report said late-stage trial involving young children showed a "favorable safety profile and robust neutralizing antibody responses."

The children studied were given around a third of the dosage of that given to older children and young adults in similar testing. 

"These trial results provide a strong foundation for seeking authorization of our vaccine for children 5 to 11 years old, and we plan to submit them to the FDA and other regulators with urgency," Pfizer CEO Albert Bourla said in a statement.

Hear what Jim Cramer is only telling members of his Action Alerts PLUS investing club in Monday's Daily Rundown.