COVID Fears Spark Market Sell-Off, President Biden vs. Facebook on Vaccine Disinformation, Zoom's Biggest-Ever Acquisition, Ackman's SPAC Scraps Universal Music Deal, and IPO Watch: Robinhood Seeks $35B Valuation

Squawk on the Street

Jim Cramer and David Faber began the new trading week with an in-depth look at the market sell-off, as investors focus on the spreading of the COVID-19 Delta Variant and the rate of vaccinations falling. The reopening trade -- including cruise line and airline stocks -- taking a hit, while the 10-year note yield falls to fresh five-month lows. Cramer explains why be believes the FAANG stocks are the key to this market: "Once FAANG has rolled over, then you can buy." Jim and David reacted to President Biden's "They're killing people" comment that slammed Facebook and social media for their handling of vaccine disinformation on their platforms -- and Facebook striking back at the White House with a response. The anchors also discussed former FDA Commissioner Dr. Scott Gottlieb telling CNBC that Facebook must do more to control misinformation. On the M&A and "stay-at-home" stocks front, the anchors discussed Zoom Video's biggest-ever acquisition: The company agreeing to buy cloud-based call center operator "Five9" in a $14.7-billion all-stock deal. On the flip side, billionaire investor Bill Ackman's "Pershing Square Tontine Holdings" SPAC dropped plans to buy a 10% stake in Vivendi's Universal Music Group worth $4-billion. Instead, Ackman plans to acquire the stake through his Pershing Square hedge fund. The anchors reacted to Ackman telling CNBC the SEC's view of the deal was a "dagger in the heart of the transaction." New details about Robinhood's upcoming IPO: In a regulatory filing, the trading platform says it anticipates offering 55 million shares at a price between $38 and $42 per share -- aiming for a valuation of up to $35-billion. Also in focus: Duke Energy's management under scrutiny from hedge fund Elliott Management, plus Dish Network and AT&T enter into a ten-year network services deal.