Jim Cramer: Stay Away from the Financials

Investors are acting somewhat complacent in the wake of the Brexit selloff that is currently slamming stocks on Wall Street, says TheStreet's Jim Cramer. He said the fact that stocks hit their lows so close to the open shows that traders felt the panic and then sought out buying opportunities. Cramer said financial stocks are getting slammed over rate worries, but utilities are flying as yields sink across the globe. He also said he favors domestic stocks, as opposed to foreign players.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.