The banks, restaurants and retail stocks should be on fire this time of year. Instead, they are downright toxic, Jim Cramer said.
"They are houses on fire, and there is no letting up in the flames, even as the averages rebounded hard today," the "Mad Money" host said.
As the quarter winds down, Cramer compared each group's progress this year to where investors expected them to go not long ago.
With the expectation that the Federal Reserve would raise interest rates several times in 2016, the banks were supposed to make a fortune. Instead, only one hike came last December and the subsequent rate rise never happened.
Additionally, there have always been a few offsets for banks with weak net interest margins that could augment profits by offering more services to customers and create a steady stream of fees, referred to as cross-selling.
But with Wells Fargo admitting employees opened unauthorized customer accounts for clients to meet sales goals, cross-selling has become a vicious cycle for banks that they must somehow figure out how to stem, Cramer said.