Stocks were lower in intraday trading to start the week on Monday, March 29.
TheStreet's Martin Baccardax broke down how Archegos Capital's margin call is impacting the overall markets.
Baccardax wrote that Credit Suisse cautioned Monday that a "significant US-based hedge fund defaulted on margin calls made last week" on positions in unnamed stocks, adding that "a number of other banks are in the process of exiting these positions."
"Media reports have named Archegos Capital as the hedge fund in question, with details emerging of a $10 billion to $20 billion position in so-called total return swaps (TRS) that allow a 'buyer' to receive running payments on a basket of reference shares without actually owning them. Archegos was also reported to have used 'contracts for difference" or CFDs, which are similar to total returns swaps but only payout at the end of a defined period," he continued.
Despite the headline which dragged on stocks Monday, Jim Cramer said he's looking to do some buying in the video above.
Recap TheStreet Live: Everything Jim Cramer Is Watching Monday