“ ‘This is a very serious correction’ ” — Jim Cramer

Jim Cramer, CNBC’s “Mad Money” host and a prominent fixture among market commentators, on Monday said the market is enduring “a very serious correction,” underscored by the fact that there are few fundamental reasons for the market’s current downtrend.

During CNBC’s “Halftime Report,” Cramer said notable is a slump in shares of so-called FANG names — the highflying quartet of Facebook Inc. FB, -2.24% , Amazon.com Inc. AMZN, -4.12% , Netflix Inc. NFLX, -4.18% and Google parent Alphabet Inc. GOOGL, -3.45% GOOG, -3.42% , that are among the most influential on Wall Street due to their massive market values and the degree by which investors have piled into those investments for hope of consistent growth.