How Jim Cramer's Action Alerts PLUS Is Approaching the Market Selloff

Katherine Ross

It's a market selloff kind of Monday. 

Stocks were sinking sharply in intraday trading on Monday as bank shares tumbled following a report on suspicious transactions and as investors worried a global recovery could be hampered by a rise in coronavirus infections and dimming prospects for another U.S. fiscal stimulus bill.

And little progress has been made on a new coronavirus stimulus package as Republicans and Democrats remain in a stalemate. The negotiations could become even more complicated following the death of Supreme Court Justice Ruth Bader Ginsburg, as lawmakers prepare for what could be an historic nomination fight ahead of November's presidential election.

The report by the International Consortium of Investigative Journalists found five global banks moved "staggering sums of illicit cash for shadowy characters and criminal networks that have spread chaos and undermined democracy around the world."

Bank shares reeled Monday following a report that said JPMorgan Chase, Deutsche Bank were among the financial services companies that reportedly defied money laundering crackdowns even after being fined by U.S. authorities. 

Jim Cramer has some thoughts on the selloff, what's causing it and the next best move for Robinhood investors He explains in the video above.

Curious about what Jim Cramer and his team at Action Alerts PLUS are watching in the markets? Read their market updates.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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