rates here we might be close. that might be palatable. if in fact the s&p still hasn't run away by then. >> fed says yes, bond market says no. >> welsh that's the whole thing. bond market says inflation is going to be no problem down the road. >> have a great weekend. i'll seal you next week. all of you have a great weekend as well. that does it for us. "fast money" is right now. scott, thanks very much. right now on "fast", a red hot finish to the week as investors today at least feel like inflation's vise grip is loosening, and maybe that means the fed will stop tightening the screws earnings season kicks off next week should you be banking on a rough ride, or is the street just too bearish? later our chart of the week, a burger joint that burned investors l.a. year, but is shaking off that poor performance. there's your hint.

i'm tyler matheson in for melissa lee. there's no confusing the two of us this is almost almost from new york on the desk, tim seymour, bohbo bohnawyn the dow up 700 points. s&p jumping 2%, and nasdaq closing up 2.5%. seemingly goldilocks jobs report, helping fuel the turnaround just strong enough, just weak enough weak growth suggesting the idea inflation may be growing and just maybe the fed can get its soft landing for the economy, something everybody seems to want among this week's big winners include wynn, united airlines, raffle lauren, disney, and ford to name a few. but then just a short time ago, macy's warned its fourth quarter

sales are expected to come in at the lower end of the range they previously gave the streak the stock dropping afterhours. tim, what did you learn this week >> welcome it's a goldilocks moment any time we have you on the desk if you think about the rallies where some of these that are so reliant on the consumer, on a day when, is the job market really weakening i look at apparel numbers and i'm going to stand out in that i think this puts the fed in line for 50 bips by february. we've only added about 120,000 in the labor force i think the job market tightens into the first quarter, and i think today's market dynamic was the case of a weak ism, a payroll number that gave equities all they wanted it's not time to say the consumer is dead macy's gave a conservative guide on their 4q. some of the things they said were related to inventory levels

we know their cybermonday, cyberfriday, whatever we're calling this stuff these days were better than expected some macy's to me is not a reason to be running for the door, just to be cleerm at this time consumer has room to run. i want to be clear -- bad news is bad news, and i don't think that today's number was that bad. >> wasn't bad news, no. >> i think it was a solid number especially when you look, the wage growth. i don't think this takes the fed out of play in any way, and i think equities are going to be disturbed by the reaction. >> i agree with tim on the 50 bips sort of because if you have quantitative tightening, which they said they're not backing off of, that's the equivalent of the 25 bips if you have 25 and 25 you get 50 you get it creatively. most people are looking for 50 straight forward everyone's forgotten about qt. qt is tightening >> that's a big part of the recipe. >> and a double, so it's a big part of the recipe, big part of

tightening when you have 50, you have 75. when you have 25, you have 50. i would say higher and retail. raffle lauren, tapestry, those areas, more insulated if we're talking retail specific. >> should we believe what the fed is saying? in other words, the minutes that came out said, we're not going to take our foot off the break heres at all. >> not at all. >> i think we're all saying the fed has been clear on what they intend to do, but the markets don't buy into that at all look at the numbers yesterday. the knee jerk reaction we saw yesterday versus today tells me we still have not shifted to focus on earnings and possible revisions. we're still squarely focused on the fed. the only people that are unsure of the market seemingly are investors. the fed has come out and said what their plan is they said in the minutes they've reiterated the markets seem to want to do what they want to do i can understand you've seen pressure taken off the services

sector you've seen pressure taken off in term of wage growth, and those things are positive. one data point doesn't make a trend. one thing the fed has sat fast in is they need to see a downward trend. >> in inflation. you got a little bit of that today, didn't you, jeff mills, with respect to the wage growth or income growth numbers a little bit, a little bit zb >> yeah, a little bit, but this reaction feels like all knee jerk reactions we have had, where you get a light inflation print, and all of a sudden we run out of gas because we realize the fed is going stay on its current trajectory and we realize we have an economic problem and earnings growth problem. even with this data today, the labor market is too tight. you still have over 10 million job openings the quit rate elevated initial claims have come down. this threatens higher wage

numbers going forward, and i think that's what the fed is paying close attention to. also, let's remember that the employment data, that's a lagging indicator relative to the economy. we've got ism services that was in contractionry territory. that's what we should be focusing on and the monetary policy that we've already seen that's going to be found in the economy, in earnings i that's the biggest story here. >> let's talk about the consumer, where we started, tim, showing some of the consumer names like united, raffle lauren, some of the other ones everybody has been saying the consumer is tapped out, the consumer doesn't have the stimulus money coming into their pockets. but these stock reports this week, action today, the stock market action today, has been pretty favorable. >> if the consumer has a job -- i know there's this debate, can you go into recession with unemployment near all-time lows. if the consumer is employed,

there's a limit. consumers are trading down we're hearing from staples company, conagra was one, are catching up to where they have been able to price ahead but they're going to be continuing to raise prices i just think -- on the show yesterday i talked about how i shorted nike, which i think is a great name, but i just think the consumer discretionary names have had a great run i want to be tactical, although i don't think the consumer is dying tomorrow >> let's talk about earnings this week. we're got banks coming up. the question to me is, if tech isn't going to play and banks aren't going to play, can the market make headway? >> tech is too big of a part of the market for them not to play, the market can't go forward energy is too small segment to keep the market going. but mike mayo pointed out something i thought was really interesting -- recession ready eggs this is the most recession ready that they've ever been, and i think people are discounting

them i'm looking for the financials to outperform, so that's by pick next week. >> i'll just say, banks are outperforming now, and if you look at j.p. morgan, it's outperforming the xlf, but the xlf outperformed the s&p by about 15% since october. it's strange when people talk about the inverted yield curve and credit concerns. going towards bafnk earnings, we've went in with banked under pressure i think it's bullish overall for the market. >> they have already had a run to an extent, their beta's are lower than the market, particularly names we're looking from leadership or expansion for. i think even if they lead -- i agree, there's no denying they're in a much better situation than they were during the last downturn, but i think some of that is being priced in, and you've seen this flight from these growthy names.

today aside, to value. value had its run. if the banks come out and say something they're provisioning more or net income hasn't grown as expected, to me that would be the concern. i think a lot of the news is priced into these shares. >> are there any bank names you like a lot more than any others? >> j.p. morgan outperformed, from every metric you could throw at j.p. morgan in the financials they've outperformed, and every time line -- and obviously coming out of the financial crisis, j.p. morgan was in a spot to succeed they've continued to succeed thus far. >> i know it's crazy -- some of the european banks ubs is returning to shareholders. it's a high yielding company it has rates that go higher in europe i know it seems crazy to be investing but you're investing in -- it's not deutsche bank it's an asset manager. it's a gad spot. >> jeff, tough disadvantage of not being at the table, but i'm

going to recognize you any way is there a bank love more than any other, and is there a bank you avoid more than any other? >> for me it's all about credit quality, because i think the economy is going to continue to slow recession is a real risk bank of america, i think their credit quality is good from a chart perspective, j.p. morgan is approaching that 140 level. that was that precovid high. i'll be interested to see if thatserves as resistance generally speaking i have been negative on banks and i wonder if the outperformance going into earnings isn't bad news. the charts are interesting kbe, the bank etf is holding the line at that level but at the same time you're still playing below that downtrend, the downward sloping 200-day average. for me i'm trying to avoid cyclety. >> let's go round robin. as we go into earnings, a lot are regional banks there are a couple consumer

names like wd-40, one of my favorite products of all time. >> it's got to be. you can use it on anything. >> spray it on a little food, it's good. >> all right, all right, now >> it's also gluten free. >> it's vegan, it's the whole thing. is there a name that you like, from whatever sector, heading into the earnings? >> citi is bank is a much maligned bank. i think they're going to outperform on the lending side, commercial lending i look at delta airlines airlines started to make a move. they have been under a lot of pressure we've gotten a lot of preguidance and numbers out of delta. i don't think any surprises there. i think airlines continue to run. >> how about you >> doesn't have to be out of this group that's reporting next week >> well, i'll play the game fairly let's not color outside the license here we get punished for that around here unh -- >> and you've never done that either. >> never never get slapped on the hand.

>> okay not. >> i'm going stick with unh. high quality name. had weakness going forward, but this is the sector or sub sector i want to be in. >> i think southwest really afforded the airline space to tim's point. >> what did it afford it >> it afforded them the ability to get a presell-off before they get into the thick of it it took a lot out of these equity names and you're going to see a lot of them bounced because they have been battered going into the prints. >> jeff, you get the last word. >> the last word is a disadvantage bonawyn took my last, unh. it's been an underperformer. i want to hear what they have to say. that's a place i want to be as welsh because i think the earnings are more stable kb holmes is interesting oftentimes housing is the first to bottom as things recover, so i want to hear what they have the say. >> a lot of people are going to watch housing. it will be very hard for the market to turn, in my view, if

housing does not, and it certainly has been in the doldrums for quite a while. coming up, big biotech news. the fda slapping its seal of approval on one alzheimer's drug more on that next. plus, chart of the week. one stock is on a roll as we kick off the new yearle little asmoy"etnsn rades and more whe "ft ne rur

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welcome back to "fast money," everybody. shares of biogeneral higher tomorrow after the fda granted it and its partner approval for the breakthrough alzheimer's treatment they have been working on exclusive interview with eisai ceo ivan chung. >> tyler, thanks so much ivan, thanks for being with us on a big day tell us what your expectations are for the access of patients and the uptake of this drug is going to look like in the earliest days. as of right now, we know there's no medicare coverage just yet. >> thank you, meg, for having m on the show. this is an important and humble

day for the alzheimer's disease community. as you said, yes, this is an accelerated approval for the cms policy restrictions will be here for access for the medicare beneficiaries until full from additional approval can be granted, and that's exactly why, meg, as you and i speak now, the eisai team is working hard to file the application for full traditional approval here friday evening, so that as soon as possible upon the full traditional approval by the fda, we can work with the cms to grant broad access for medicare beneficiaries. >> so you say they're working on it right now when do you expect that full approval application actually to be in? >> actually very soon. so stay tuned. very, very soon. >> okay. >> as we speak. >> after that, what is the time line going to -- sorry, were you going to say something else?

>> as we speak very, very soon. >> as we speak what is the time line then to get medicare to sort of change its current coverage decision? >> yeah, meg, what we're going to do is while we send this approval for application into the fda we'll be working with cms and asking cms to go through the phase-three data simultaneously with the fda review so that upon the fda approval for -- under the traditional pathway, we're hopeful the cms can act very quickly. so we're hoping by end of this calendar year we may here from the cms. >> i see end of this calendar year, potentially changing that. given the price is $26,000 on average for patients per year and given that you are the first to show this more clear clinical benefit in a clinical trial, but there is some debate about that

and some questions about safety. what do you expect the adoption of this drug to look like? >> i think first of all, most important thing is the coverage by the cms so in the initial months we'll be working very hard on getting the health systems and patient journey ready and cms granting access, we'll expect it to kick in early from then on. >> we appreciate you being here with us tonight and making some news potentially, hinting at that full approval coming very soon thank you so much. >> meg, thank you very much as well and to ivan as well. and don't miss meg's interview with the biogeneral ceo monday here on cnbc a big week of interviews from the j.p. morgan health conference bonawyn, your take on health care and how much this drug

might help, for example, biogeneral, because this drug, as i understand it, is effective for a rather limited percentage of the people who have alzheimer's, specifically individuals who are at a very early stage in the disease. >> yes, i understand that. i understand the concerns around efficacy and some of the risks posed but i would juxtapose that to the situation coming in so the fact that this was fast track and you're seeing the stock price, the fact this seems to be moving forward in a positive direction, despite some of the parameters you mentioned, perhaps this has been vetted because of belprevious instances i think this sets up, one, positively for biogeneral, two for health care as an overall sector it's going to give you the protection you need from a defensive standpoint into a downmarket also from a more biotech

standpoint it's going to give you upside data you want if you're looking for a barbell approach. >> any thoughts, guys? >> on biogeneral, this news was out in late december the cognitive decline study rocketed it to 280 at this point i think people with concerned biogen has a pipeline problem i wouldn't be chasing this, although exciting for the world. >> we were talking about covid for so long. we're not talking about covid. that's the overarching thing if you're going to buy one of these names, by the top four, make your own etf. it's too by nary up and down. >> thanks, guys. up next, red hot sizzling chart of the week. we'll reveal the name next. >> sizzling. >> sizzling! later on "options action," a face-off in energy financials emerging markets and etf battle royale you're watching "fast money"

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welcome back to "fast money. time now for the chart of the week one name putting up juicy gains. it is shake shack. shares in rally mode so the burger joint buy here jeff mills, what do you think of shack? >> steve and i last week on the show did our new year's resolutions, and mine was no dumpster diving. i think with a stock like shack it's tempting to buy it down 65% with shares near historic lows,

but for me it's not profitable even if you go out to 2025, estimated earnings, the perks e still 180 times. i think fast growers without earnings aren't for me i don't hate the company, the business i just don't think it's for this market you're seeing wayfair, beyond, maybe not profitable, they're getting a bump so i don't know how company specific the moves are and they fade. >> likes the burgers maybe, doesn't like the stock. >> i don't like the stock. i like mcdonalds if you look, they all took their price targets down, and shack, i think it's a terrible chart. equally as bad as dominos. but i'd stay with the old tried and true, mcdonalds. >> shaq o'neal or shake shack? >> terrible commentary, but the only protein my son will like the chicken nuggets. i wish he would go to shake

shack. you're pay field goal ear growth stock. i agree with these guys. he's a friend of the show, but not the time to chase it. >> i'm also not dumpster diving. i'm not eating carbs it's. >> it's so obvious look at you. i love it. should we do final trades? let's go around the horn starting with you, jeff. >> so take a look at lulu. i think it could fill the gap. i have my issues with retail become you for trade, lulu. >> tim, you're next. >> i think i heard about an etf bonanza on action. i'm going to stick around. eem, chart will have something to say about that. i like the emerging markets in 2023. >> bonawyn >> i was a little early on this one.

kb home. in you're looking for an upside play, next week. >> they have earnings coming out next week. mr. grasso >> netflix, incredible pop off the 280 number 310 now. i'm looking for 10% higher. >> tyler, thanks for joining us. >> i feel like i passed the ball, passed the hatchet. >> you're dishing the rock and you're doing a great job. >> guys, thanks so much. thank you for watching "st ney. don't go anywhere, because "options action" will come up right after this

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welcome, everybody right now on "options action," a battle royale from the financials to energy to taking your money around the world, the long and short story for this year plus, dialing up trade in at&t action in this beaten up, once mighty tighten of telecon, the stock ringing high as we start 2023 later, starbucks has been a full caff moneymaker, up nearly 35% in the last six months but one of our traders is getting the jitters on