In today's Daily Rundown, Jim Cramer discusses the market selloff, FAANG, Walmart (WMT) , Costco (COST) , Nucor (NUE) , Wynn Resorts (WYNN) , American Eagle Outfitters (AEO) , Salesforce (CRM) , Ford (F) , Advanced Micro Devices (AMD) , Nvidia (NVDA) , and more!

JEFF MARKS: Happy Monday, everyone. This is the Daily Rundown. I'm Jeff Marks, standing on the floor of the New York Stock Exchange with Jim Cramer. Jim, it's a pretty nasty day in the markets today. We're seeing a lot of selling, really no different than what we've been seeing for weeks. What do you think?

JIM CRAMER: The market's been going down, down, down. Suddenly, the strategists are recognizing that. Suddenly, the analysts are nervous. And their nervousness is going to be extended two days. The market down right now. I don't know if you watch the video later in the day. This is at 10:20.

It's gripped by Europe. Now, Europe is bad because Europe doesn't have the same level of vaccination we have. This is variant. And so people are selling the AMCs because people feel they're not going to go to the movies. They're selling Wynn because they think people won't go to the casino.

I think you have to make a bet that the variant is not going to be as bad and that you should start buying things. Now, I'm not wanting to buy cruise ships. And I don't want buy airlines because destination by airlines iffy. And the cruise ships because Frank Del Rio was not able to get a very quick win, saying that he can basically give you a vaccine badge.

I mean, Florida won't allow a vaccine badge. A vaccine badge would do a lot to get things going. But Florida believes it's a live free or die situation. So I don't want to buy cruise ship. I don't want to buy airline. I don't want to buy AMC. I want to sell AMC. GameStop is neither here nor there for me.

JEFF MARKS: Yeah. So what about American Eagle Outfitters? Now, we did buy a little bit this morning, just a small amount just to put some shares on.

JIM CRAMER: I mean, now, a lot of people bought, betting about the child credit. And then the child credit happens. And they're selling the news. I think you have to buy the news because what's happening is that money comes in. And it's going to go to apparel. It's going to go to back-to-school.

So that's Target, which has moved too much for me. That's AEO. It's Costco, which is doing quite well. And it's Walmart, which is doing well. So be aware there are stocks doing well. With the VIX up 6, that's a really interesting opportunity to do some buying, Dow down 770. Look for things to buy not to sell.

We may sell something because it's up big. We're talking about Abbott. Abbott is up because of their binax formula. They've got a very good at-home test. But they preannounced. And we have to hope they bounce back since then. I don't know about that.

JEFF MARKS: So you mentioned Costco doing well, Walmart doing well. And I'm thinking about a call made by a Morgan Stanley strategist who said, buy staples sell materials. Now, do you think that-- by Mike Olsen. Do you think that is a little bit too late?

JIM CRAMER: I love Mike. He's very, very good. But the cyclicals are the ones that are most wounded. He maybe means a Honeywell, which has bounced from the bottom or maybe he means a Boeing, which might have to do an equity offering. But in general, those have rolled over. And what hasn't rolled over are the things he's recommending, which are the staples.

Now, if the staples have a 3% yield, I'm all in. That's why I like PepsiCo so much because it's on the verge of a 3% yield. I think Coca-Cola-- I've done a lot of work in Coca-Cola. I initially said-- because I listened to Pepsi. And they said it was zero sum. We're taking share.

Coca-Cola has a huge amount of convenience store sales and also cafeterias. So I think Coca-Cola is very interesting here. I would buy Coca-Cola ahead of the quarter.

JEFF MARKS: So what about in the materials sector, Nucor, which is a stock where are buys-- we got into early. And obviously, that was a mistake. But I mean, they have a great balance sheet. They have a buyback program. What about Nucor?

JIM CRAMER: People, there's no way they're going to repeal those tariffs. They're just not. And there's only two steel companies in this country of any consequence, which is Cleveland Cliffs and Nucor. And the multiples are so low. And the reason why they're so low is people feel that it has to be a down year next year. I don't believe it has to be a down year.

I think Nucor's had multiple years when it's done well. And I think that Cliffs, as much as I don't like the balance sheet, can also be bought.

JEFF MARKS: So if you're in on a Nucor, if you're in on a Wynn Resorts right now, you just got to hang tight and average down every, say, $5 or so?

JIM CRAMER: I mean, it's so painful, I know. And you're a club member. And the club members are saying like, what happened here? Well, we didn't count on the variant. But we do believe the variants going to be under control. And so therefore, you want to buy this.

JEFF MARKS: What about Ford? So Ford is down pretty heavily today. It's down from around the 15.96 sale price that we had.

JIM CRAMER: We sold our Ford in the high 15s. I think we buy back at least 500 right here. I think Ford's going to have a remarkable quarter, I mean remarkable. But it's too far from now. So people don't understand that. But I would buy some.

JEFF MARKS: So this would be something to look at too if you've been waiting and waiting to buy Ford?

JIM CRAMER: Oh, no. Buy Ford.

JEFF MARKS: All right. Now, I do also want to get your pulse on a rumored acquisition that we saw last Friday. Intel, they were reportedly in talks to buy GlobalFoundries. A lot of complications with AMD.

JIM CRAMER: Pat Gelsinger, who's so aggressive as CEO of Intel, he's just got a very high level Mellanox Israeli executive this weekend. He is sounding the waters on a deal that will never get done. GlobalFoundries will be objected by every single person.

But AMD, very interesting. They used to be partners with Global. AMD's almost out of Global. The one thing that AMD really needs is 3-nanometer chip ability to make. And Intel really kind of locked in all of Taiwan Semi, all their 3-nano capacity.

Well, I think that TSM kicks out Intel. And it's really good for AMD.

JEFF MARKS: So you think this deal would be hard to pass because a lot of the competition will all object to it. Meanwhile, but that's the opposite of what we're seeing with NVIDIA and ARM because you had Marvell and Broadcom, they actually support that type of acquisition.

JIM CRAMER: Yeah, I think that deal could get done. I certainly believe in Huang. I think he's--

Here's the problem with the Nvidia deal, China. We don't know what they're going to do. And Jensen, as great as he is, it's very hard to game China. Now, he did game them on Mellanox. So maybe he knows something we don't know. But that is a problematic merger that I believe it. And I believe it's going to get done but just because I have so much faith in Jensen.

JEFF MARKS: All right, real quickly before we wrap up near today, let's talk about a deal that is expected to close soon. That's going to be Salesforce's acquisition of Slack. That deal's supposed to be closed Wednesday, on or about Wednesday.

JIM CRAMER: If people don't own Salesforce, this is a great opportunity. I think that the company is going to be transformed rather quickly. And I think that Slack is a great acquisition. I think it's terrific.

Let me just also close on one thing. You'll see the Procters and Pepsi's going up. That's yield-oriented. And I don't think there's anything wrong with buying something that has almost three times the yield of treasuries.

JEFF MARKS: All right. And now we do also have our Action Alerts Plus members only conference call

this Wednesday. Please send in your questions. Email us. You can also submit a 10 to 15-second video clip. And we'll try and post that on the show as well.

Now, before we go for today, any last thoughts on the markets? Look at the rubble, nibble, anything like that?

JIM CRAMER: Yeah, I just think that I like it when it's down, OK? It tends not to be down 700 in the Dow then down 700 in the Dow. I find a lot of stocks that are finally at levels we want to buy, Ford Motor. And I didn't buy it at 14, didn't want to buy it at 13. Now it's at 12. I can't wait till it gets to 11. That's a sucker's game. Got to buy some.

JEFF MARKS: All right, we'll leave it there. That's the show for today. I'm Jeff Marks. We'll see you tomorrow.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long WMT, COST, NUE, WYNN, AEO, CRM, F, AMD and NVDA.