no guarantee it goes right to zero, guys keep that in mind. there is still a little bit of play in there. >> this is like a bet that the eagles are going to lose by two touchdowns >> yes >> they're down by three, but the game gets snowed out and do they pay out or not. >> it gets suspended >> i get it. >> yeah. there is a lot more we can do here, but our hour is done that's going to do it for "overtime. "fast money" starts now. right now on "fast," a bank rescue by the banks. first republic getting billions from the nation's blue chip banks to shore up its balance sheet. this on the 15th anniversary of jp morgan's fire sale purchase of bear stearns. plus, a new shot across the bow for tiktok the biden administration threatening to ban the social media app if the chinese do not sell their stake could beijing bite back and retaliate against their tech titans we'll hear why the anxiety index tracking the group is screaming like a toddler who dropped their ice cream. i'm melissa lee. this is "fast money.

on the desk tonight karen finerman, carter worth, guy adami and tim seymour. the central bank just releasing details on the latest balance sheet showing just how much banks tapped its lending window this past week steve liesman joins us now with some new details steve? >> melissa we have some new numbers, some big numbers. but we don't necessarily have answers what all these answers mean let me talk you through it and i'll tell you what we know and what we don't know so the federal reserve balance sheet increases by $297 billion. that's the most we've had since the pandemic began and that started liquefying the economy a record, up by 148.2 to 1 first $4 billion that's a big number to take from the emergency discount window. the new fed facility we have, borrowing of 11.9 billion. half of that increase in the 297, remember that number at the top, that was from a bridge loan to the failed banks. okay what we don't know, melissa, and i'm preempting a question you're

going to ask me, because they asked me this in the last half hour, is in all inflation stationary we don't know what we don't know is was this one bank, two banks, three banks or a whole bunch of banks borrowing from the window, trying to liquefy themselves also at the window only open since sunday so we don't have a feel for how much liquidity is needed there, for example over the course of a week the other question is are these going to be held as reserve balances as in not really something that's going to be the source of additional lending, or it is going to be something that will be the source of additional lending. it's hard to say that just because the balance sheet went up, melissa, that necessarily this is the fountain of new lending and inflationary we have to understand more about where this money went, and whether or not banks are going to husband that liquidity, or they can potentially lend it out. >> so steve, in terms of who has access to the window, do we -- i assume that we don't know who went to the special window will we ever know that

and will that be made public and can that be why banks are reluctant to use that window and for how long will this window be open and who is the window opened for? is it everybody? >> so would you write in your calendar, melissa, to call me in march of 2025? because that's when we're going learn who the actual borrowers were at the window. >> really? >> it's a two-year delay i don't know if you're going to want to come back two years from now and figure thatout it might be a story back then. it could have been the couple of the banks that have been having trouble. they could have taken out substantial parts of the lending at the window. it could have been other banks that went to the new facility, which is a little bit of a better deal i think because you can take your paper, which is trading or discounted, and you can borrow against it at par value. so there may be just a few banks that did that. there may be more on the way

so we'll see, melissa, whether or not this is a sign of additional stress. was it prudent on the part of banks or was it a sign of stress we're going to have to watch this over time and see what happens to window boring >> steve, it's karen thanks for being on. the window, the special new borrow at par, that number looks actually tiny to me, right >> right. >> it doesn't just apply to signature, silicon valley and first republic and if so, and if it applies to everybody, then that number is minute and so i'm wondering, first, is it just apply to them? even if it does, it's still a really small number. and the rest that of held to maturity portfolio actually went up since monday morning. and when does this close will we get this data as of today or what is it as of? >> okay. so it's as of close of business wednesday, okay. so there were only three days for it to be open. karen, you may still be right that it's small for having only been own three days.

what may have happened is the stresses in the binging system manifested themselves thursday and friday of last week, and that's where the substantial takedown of the existing window happened then the new facility opens up, and they borrow what ended up being about $12 billion from that new facility. and it may have been the idea that it was relatively new and there was a big takedown there we'll have to see. you're raising a big point does that mean there weren't stresses in the system they only took the $11.9 billion. does it mean it was too new for them to actually use it. >> i asked this knowing you will know the answer. and you're one of the few people equipped to answer at its max, what was the fed's balance sheet? i think it was approaching $9.5 trillion at its trough recently what was it what's it now? and does this mean it's the end of qt? >> yeah, okay. hang on. i think the max was -- i'm going give you that in just a second here the computer is a little bit slow, my friend. i think it was 8.9

but i could be wrong about that. it looks like 8.9 is the number that i have, just fyi, in case you're interested. i don't remember seeing 9.5. it might have been there but have i 8.9 at the lowest level yet, if i have to go to the right just a little bit was the week before last it was 8.3 so now it's back up to 8.6 i don't think this is the end of qt guy, it's an interesting question let me just tell you how much i hate actual talking about the innards of the banking system in america, but or actually globally but let me just say this it could be you have an increase in reserves because banks are worried about their balance sheets and want to hold on to reserves so the thing the fed is going to want to track is the treasuries and securities on its balance sheet are those still rolling off. there could be other increases in the balance sheet from other sources. it's an incredibly complicated out there. this is not necessarily the end of qt.

the fed still wants to be reducing its balance sheet but to the extent there are these kind of disruptions of liquidity, it's going to increase its balance sheet in order to liquefy the system. >> maybe i'm being too obtuse about this, but the bottom line here, is it assumed the $148 billion in increase in going to the preexisting window was actually taken down by banks who needed the money so it's that plus the 11.9 is what we should think about as added liquidity for the banks out of capital >> you know, melissa, that was really good. you just did that perfectly. if you would like to take the job from me of doing this balance sheet analysis of the federal reserve, you've all of the sudden shown yourself on national tv to be perfectly capable of doing so. you are absolutely right it is the 148 plus the 12. that's $160 billion. what we don't know is was it wound or two or three or four or was it widespread banks in the

system i don't think we can know that >> okay. march 2025 i've got it in the book, steve thank you, as always great to see you steve liesman. does this make you feel better about the banking system, that there is $160 billion on their balance sheets in some way that we didn't know was put there >> i don't know. does anybody just take the money, right whether or not they need it, just to have liquidity >> is everything is melting down around you, would you go to the window when you could? >> that's what i'm thinking. i'm not really sure. and then there is a different interpretation, which is oh my god, that's a lot of money but not relative to the entire banking system >> right, right. >> i think the most important development vis-a-vis all of this is just what people anticipated. in an environment like, this it's flight to quality if jp morgan as a bank's relative performance peaked at the covid low, meaning relative

to the bkx index, it's been underperforming since then covid hits, and happen has jp morgan on a relative basis, even though the stock is sinking is making big new relative highs. only today did it get back above that high from the covid low, meaning you're seeing the flight to quality that was anticipated the moment the trouble started to hit the tape. >> all right let's get to first republic and more on the regional banking sector overall the embattled regional first republic getting a $30 billion capital injection today from 11 major banks, including jp morgan, citi, bank of america, wells fargo, goldman and morgan stanley. a statement from treasury, the fed, the fdic and the comptroller of the currency. does this put an end to the turmoil that has roiled the regional banks over the past week here to break that down chris marinak. you made the comparison to a banana peel in terms of what the sector is going through. now with some hindsight and developments, do you still feel

the same way >> sure. this is a solvable problem and i think that the $30 billion today really helps this is a sign of solidarity from several banks and they're stepping up. and this is important because it is wash and deposits, not equity via preferred comment. this is not a real bailout from the sense of taking equity in the company, but really providing them a lifeline, additional liquidity, and in many respects returning the deposits that fled in the past seven days those were deposits that were at first republic last wednesday and fled the scene, and now they're coming back from these banks. it's almost returning to caesar what was his originally. >> so as i understand it, chris, this commitment of capital is in place for 120 days what happens after that? is there some assumption that there will be some sort of delus dilution at some point, just trying to piece together why the stock would fall so precipitously in the after

hours. >> so i think the common dividend has been suspended. that has more to do with the stock trading since 4:00 p.m. that common dividend means a lot to a lot of investigators an it's a negative on the short-term, but it's a suspension so i'm not assuming that that is permanent. it may rell return in future quarters the company certainly has to right size we think many banks have modest holds on capital due to the health in the maturities and unrealized losses that goes back to square one from what happened at silicon valley last week. and the capital repair may be done by the banks on their own through retained earnings and suspending buybacks. in many cases i think they can self-help themselves most of these securities are amortizing and having some payoffs. it's just not happening as quick as we would like but it is a solvable problem i think equity and some issuance to the banks who participated is again very unlikely. i think they're more giving deposits and returning what fled from first republic to their banks in the past several days >> chris, it's karen

let me ask you even if you don't think they're going to do an equity deal with some of these depositing banks, do you think they do an equity deal in the markets to try to, you know, shore up the balance sheet while they continue to maybe approach the new special window and get their duration back closer to where it should be >> sure. so the need for capital really is a question, karen, of how big the balance sheet. if they shrunk in the past week, and i suspect they have, then the need for capital could be actually less than we think. i still believe that many investigators who pulled deposits from first republic were doing it just out of an abundance of caution to see if the bank would fail. and to some extent, that has made the situation worst the past few days. and now we have to see some of that come back so if we give them another couple of weeks and months, this can stabilize, and then the bank sees where their new pro forma balance sheet. capital will happen because they want to record the unrehmized loss in some form or fashion, or at least have a road map for how

those securities are going to transition and do some type of restructuring. again, i don't think it has to be the entire book it could be a portion. and i think having better information what was going to amortize and the cash flows coming from the portfolio is going to be useful to investors. and i think we'll get more of the details in the weeks ahead there are a number of super regionals, chris, who contributed to this deposit transfer to first republic does that make you feel better about their state of affairs >> sure. i think it's the right thing to do for these banks they're helping out their brethren >> but they're able to help out their brethren instead of saying you know what? i'm going to pass on this because i might have issues of my own >> i think a lot of them view that this was a very unique circumstance and that letting first republic fail was not good for the system, which therefore is not good for them and so it's better to keep their competitor alive and let them fight for another day. and i think to some extent, they would like to get reciprocity if

they were in the same situation down the road. i believe that's part of the mission here and i wouldn't be surprised if that was started on phone calls the past 24, 48 hours, what can we do to help. and i think that's why you had so many banks step up in this regard >> chris, thanks for your time again. chris marinack >> my pleasure. >> what do you make of this? a lot has happened the past 24 hours. >> it's interesting, because if you think about some of the things chris was talking about in terms of also capping on dividend payouts and what not, it brings into question right away as an analyst, what does the analyst community do to banks in terms of discount factor of where we are today versus two weeks ago the other interesting thing about first republic, and he just mentioned, are they going to try to realize that unrealized lost. it's almost as if the market has priced that in and do other banks do that at a time -- i'm get guesting not, at a time when the confidence factor is so

difficult. but when you consider all the reinforcements that at least the banks have explicitly or implicitly, and i think that's the fascinating thing. i go become to where i was three or four days ago, even before the good news and the cavalry rode in. i think banks who struggled for years to earn a better multiple from the investment community partially because they were giving capital back, partially because they could give capital back, and that included regionals, and maybe they shouldn't have been, i think we're in a very different place for the banking system i think that discount remains foreseeable. >> you're out of your first republic trade >> mostly. the preferreds traded up the options traded down as there seems to be somewhat of a cap here it's fascinating if you assume the discount on all the less than great stuff delivered to the window is 25%, which would be a decent sized haircut, they've only really helped out $3 billion worth. >> right. >> which is kind of amazing. >> amazingly small. >> yes

>> so talk about the broader market quickly i know carter's views in the e the 200-day moving average, all this stuff gets it back to where we were the day mike wilson put that tactical call on. i asked that question for a specific reason. if we're through this and effectively qt is still on the table and the fed has saved air quotes the banks, then we're right back to where we were with the problems i've been pointing out for the entire time. inflation is still a problem the fed is still hiking rates. there is still this lag effect and on top of that now, banks earnings power, regardless of where rates are going to go, are going to be diminished given all this stuff i get why it's bullish in the short-term, but nothing's changed in the long-term. >> you know what was really bullish in terms of moves today? tech the big tech comeback. the flight to faang picking up like nvidia and microsoft posting outsized game.

the federa there is no alternative trade. carter, i know you're going to have some sort of pithy remark that knocks down this whole tech trade. i'm going go first to you. >> well, it's a defensive thing. if you're very worried about a cyclical issue in the economy or a real contraction, you either go to staples, but they're always expensive and have no growth, or you hide in defensive names which are names that have growth characteristics that can endure even in a bad economic environment. we have a real tread is spred now. a bifurcation at the sector level. tech, communications, up 10% year to date and health care and others down 10 you're getting 2,000 base points a spread that's about where it ends you see it mostly in the equal weight versus the actual the s&p itself

the equal s&p is down almost 300 basis points big tech are keeping the thing from getting worst. >> tim, you're not going to stand in the way of this freight train it sounds like in terms of n individualia >> as i announced earlier, i took off half that nvidia short because that was a world that exited before you had this bigger flight to tech. gpt was way over done. look at what google has done if they were supposedly sunk by chatgpt. i'm not going to die on that hill i would also point to 12.5% in the last 48 sessions on the qqqs on the nasdaq 100 outperforming the s&p. takes you back to kind of key relative levels all the way back to august of last year and at some point, i think you priced in a lot of flight to safety and et cetera i don't know what the expression is there is many different version of this. but my version is when policymakers start scrambling,

you know, markets start rambling and we got that this week. and i'm not sure how much more that we can get. i would also just point to where we have been on sentiment. everybody is reading the same sentiment indicators of the retail investor. i know we're going to talk more about this with caleb. i think markets should have bounced here policy response this strong is very good news but we're also at some important technical levels i'd say on the way up that maybe run into some gas. >> microsoft is a $2 trillion company. i'm going to ask you a question. in the course of a month, it went from 275 to 245, and now it's 275 again and that is again not a biotech stock. it's a $2 trillion company so you trade it, but yes, at these levels to tim's point. things are now over their skis the policy response makes all the sense in the world you to ask yourself. what has really changed on the ground not a lot. >> coming up, we've got an earnings alert on fedex.

we'll bring in the details from the quarter next plus, david rosenberg joins us to lay out what he seeing for the fed and why the fed's next mos ulbevecod futile. don't go anywhere. "fast money" is back in two.

the hiring process used to be the death of me. but with upwork... with upwork the hiring process is fast and flexible. behold... all that talent! ♪ this is how we work now ♪ (woman 1) i just switched to verizon business unlimited. it's just right for my little business. behold... all that talent! unlimited premium data. unlimited hotspot data. (woman 2) you know it's from the most reliable 5g network in america? (vo) when it comes to your business, not all bars are created equal. so switch to verizon business unlimited today. i screwed up. mhm. i got us t-mobile home internet.

now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smiles. that's why i do what i do. that and the paycheck.

u. welcome back to "fast money. the stock taking off after delivering a strong bottom line beat 58 cents above estimates. the company moves ahead with a massive cost cutting effort. let's bring in frank holland for more on this frank? >> melissa, strong forward guidance for eps is seems to be what's moving this stock higher. big raise here $14.60 well over estimates of $13.60. fed ex undergoes a cost cutting called drive demonstrating strong pricing power. express per package revenue rising 3%, ground per package rising 11% freight shipment per shipment 21%. the memphis shipping giant raised its prices in january the stock often trades on margin, came up short at 1.2%. just about half of its revenue but strong beats for ground and freight margin the one thing you can say that was miss hearing is details on

the progress of the drive initiative fed ex will have a briefing here in new york city on april 5th, melissa. >> frank, thanks frank holland. what a change. what do you see in the charts? >> it's pretty darn good, meaning if perspective weakness comes from exceeding previous -- if strength comes from excessive weakness, this is a perfect example of that. this stock was down almost 60% it peaked before the market peaked and it bottomed before the market bottomed. and we have all the things you want bullish price volume correlation, good strength to the market, and you have a circumstance where an estimate has come in and the beat is so beyond what many smart people thought it would be, they're caught offsides. you'll get follow-through. >> tim, i think you're in both so at this point, after this print, would you rather, if you had to choose? >> look, i think with this kind of momentum and certainly these upgrades and a lot of i'd say

structural things at least still ahead of them, but on repair, and also inventory bottom is fed ex it's a long way of saying i just think the multiple is a little more attractive when you consider where we are with markets right now. and, again, i think that inventory kind of bottoming process is in their favor. >> current levels trades less than 14 times next year's numbers. finally, seemingly getting their act together carter is right. the trend line he speaks to goes back to the spring of '21. in terms of operation margins, i think this is important. frank mentioned express. yes, it was disappointing. that's half the business overall, though, if you add them all together, operating margins came in about a percent better than expected. 5.3% 4.3 i think the market is finally realizing that maybe they have -- they being fed ex has figured it out and should no longer trade at a trough multiple >> the multiple is as it should rising they have delivered good for

them it's surprising to me why give good guidance, right they've never been great at knowing their guidance. >> right >> with no clarity beyond one quarter. >> maybe because they're so. >> you've heard how confident they've been this the past good for them. they do seem to be definitely making headways. good for them. i'm in ups instead ups they've narrowed so look at maybe 15 times versus 16.5 or so for ups they deserve to make some of that up. and also the one thing fed ex has a little more international exposure, which probably is a good thing to the extent that china opens, they have more exposure than ups outside of the united states. >> all right there is a lot more "fast money" to come. here is what is coming up next. >> tiktok's pain is snap's gain. the uk taking a big stand against the chinese video app. could the u.s. mimic those moves? the details next plus, stocks surging but are banks out of the woods

yet? why our next guest says financial risks remain front and center, and what he expects the fed to do next you're watching "fast money," live from the nasdaq market site in times square. we're back right after this. wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq i'm christine mahon. yeah... oh. doni'm retired fromt! public health nursing and from the army reserve. my retirement funds allow me to enjoy what i love to do. i volunteer with the medical reserve corp.

as long as you can make an impact, why stop? [office sounds] ♪upbeat music♪ ♪♪ ♪when the day that lies ahead of me♪ ♪♪ ♪seems impossible to face♪

♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your business. bmo. welcome back to "fast money. it was a year ago today that the fed started raising interest rates for the first time since 2015 after eight hikes, the target rate is at its highest in 15 years. but the latest turmoil in the banking industry has some thinking the central bank may be ready to pause hear what steve iceman said last night. >> the fed won't be raising rates because it's scared. if the fed is scared, you should

be scared. on the other hand, if the fed raises rates by 25 basis points and says we still could raise more, then that's like wait a minute, you're sort of caught between a rock and a hard place. financial conditions have really tightened, but you still have inflation. it's not clear -- it's not clear either move is good. >> let's get more on the feds with david rosenberg, founder of rosenberg research do you agree with steve that it's a pickle? i don't know if either is a good choice here. >> well, remember that it was just over a week ago that chief powell was nurturing the market into believing that we're going to have 50 basis points. i think right now the fed is probably going to do what the markets have got priced in and that changes by the day. let's assume that things in the financial markets stabilize in the next week. they're probably going to go 25

basis points they're not going 50 i think they should do nothing, and i was saying that after the bank of canada did nothing after their last meeting and you could argue that christine lagarde with her 15 basis points today sort of gave the green light for the fed to do something i think the fed wants to do something. i think they want to signal to the market even in this turmoil that they haven't taken their eye off the inflation ball but 25 basis points here or there, look at what financial conditions have done just over the course of the past few weeks. they've tightened dramatically i think that's altered the equation for the fed after this meeting. the more important question is whether they can do 25 or nothing next week. it's really what's the end game. i think if you're going ask me that question, i think the end game is next week, no matter what >> it's interesting, david you look at the housing numbers that came out. the job market is still tight as it's been in quite some time and i'm one of these people that

doesn't think they can thread this needle. but all the things on the ground suggest their job continues to get more and more difficult. so if they say 25 and done, in my opinion, just opens the floodgates for asset prices to go higher. we're off to the races in the housing markets, all the things they're trying to combat the genie is out of the bottle one more time. am i accurate in that assessment >> well, i think the circumstances have changed i'm not so sure there is going to be this ballyhooed fed put. in an environment where there is so much uncertainty regarding the banking system we know the big banks. they're fine this is not '08-'09. but there are big problems in the smaller regional banks this game is not over. we've already had a significant tightening of financial conditions and as far as the stock market is concerned, how far is it going to go in earnings and earnings estimates are coming down very notably. in fact, we're heading into a five quarter recession in

earnings so i don't know. we're 15 months into a bear market the s&p is down 18%. so we're going to get excited because there might be a short-term trade based on a fed pause. that's playing small ball. it's obviously numbers are very low. companies are still not firing but if you look at the survey data, they're not hiring either. the claims numbers don't tell you what companies are doing about hiring it just says what they're doing about firing so yeah, they're not firing people i mean, they are of course in the headline numbers, and some of the financials and technology but the claims numbers are the claims numbers, and they're telling you pink slips but i don't think anybody is doing any hiring i think the claims numbers could be consistent with the flat employment profile we got a very important number today. we got the philly fed index, which came in at minus 23. it's at a recession level. when you look at the components, it's showing that the ism is

going down to -- i mean, the ism equivalent and the philly fed today, i didn't see this all day long i watched cnbc all day long. nobody mentioned the fact that the ism equivalent from the philly fed is 39 39 so claims aside and all the other housing which was all multifamily, it was not a single family story, it was a multifamily story. and that's good news because it means we're going to be flooded with rental construction in the next year that's going to take care of the rental inflation and the cpi. the philly fed today got no press in the last two months >> well, thank you for making the point, david that's why we have folks like you on but i wanted to ask you one last question that is this what happened in the past week or so what the fed might do next week, does any of this change your outlook for the economy in terms of a recession, how long it may last, how deep it may be >> well, it's reinforced the

recession call, buzz we've had a dramatic tightening of financial conditions what's going to come out of this, it's not an '08-'09. i'll put my positive hat on. it's already been happening before this crisis which is a tightening in lending guidelines we're going to go through a credit contraction we have an economy that is driven by credit and i think that is going to be problematic for the economy is the fact that banks are now going to be much more focused on shoring up their balance sheets than they are in terms of extending loans to the private sector >> right. >> i think that's what comes out of this actually everything we've seen in the last couple of weeks brings that recession much closer. hard to know at this point look, the bank of canada heads up the 51st state up here in canada where we're the 51st state, but we have good donuts and we have great beer, and they've already gone on hold and i think the fed is going to be next. and don't forget, the economy

recessed with a lag to interest rates. we have not seen the full brunt of what's already happened i think the recession is starting i'd say -- i'm not going to pinpoint it to the month or the quarter. but q2, q 3 has a bulls-eye on its forehead >> david, always great to get your take. thank you. rosenberg research what drew think? >> was he coming to us from canada i didn't know that i'm curious. i don't know if it really matter what's the fed does 25, 50 is off the table. it's how quickly will we see the effects that dave was talking about of this credit contraction? and will that finally get inflation to where the fed can actually say we're pausing or maybe we're even done. >> we've seen the reaction already in commercial real estate in reits, in particular office reits these regionals were very active in lending to a lot of these projects that's where they got a lot of

funding. we're seeing pockets, this notion that lending will be restrained going forward >> right commercial real estate everybody is looking at that all the cliches out there, perfect storm, et cetera it's nice to hear a guy like david, who i think is appropriately and kind of thoughtfully skeptical say it's not '08-'09. on some level taking it back to credit and taking it back to contingent on housing, you have to think about some of these things the last couple day, the market treated the events as if we were heading into an '08-'09 kind of dynamic. we haven't seen that blowout in broader credit spreads but it get backs to the market certain subsectors are trading like we have a deep recession coming there is huge opportunities in stock picking in here. coming up, more on today's market action as stocks find some relief. plus, shares of stocks snapping.

details on who can't use the app and the u.s. ultimatum that will fall the details when "fast money" returns. ♪ imagine something of your very own. ♪ ♪ something you can have and hold. ♪ ♪ i'd build a road in gold just to have some dreaming, ♪ ♪ dreaming is free. ♪ accenture, let there be change.

your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

welcome back to "fast money. another check on the markets today, rebounding from this morning's losses the dow jumping 371 points

the s&p climbing 1 3/4 the nasdaq leading the surge, up for a fourth straight day. bitcoin continuing its bounceback, up nearly 18% since monday, hovering just under the $25,000 level. in another look here at first republic in the after hours, it is session lows. the "wall street journal" reporting bank execs sold $12 million in stock in just the last two months, including the executive chairman, the ceo, the chief risk officer, and the list goes on. moving on the snap shares surging more than 7% today after the uk banned rival tiktok on government twices. the u.s. threatening it could do the same if bytedance reviews to divest its stake denying it is in talks of potential buyers, telling cnbc it is, quote, 100% false what do we make of this snap surge? >> 100% is pretty -- i mean, that's pretty certain. it makes sense the snap surge. i think a lot of the facebook

surge has been on that, cost cutting. to a certain extent it makes sense. i think snap if you're trading it is the hidden gem in this entire line of thing this stock can go up another 40% on the back of this and still be a troubled company but quickly, in terms of this tiktok thing i do think it's important. if we want to ramp up the rhetoric, and probably we should be, i'm saying it's probably the right thing to do to ban tiktok. we have all seen "60 minutes." there is going to be repercussions for that i've said it 100 times it has not manifested itself i'm not wishing this but you know who is in the crosshairs of that apple. i don't think anybody is taking into it conversation. >> if tiktok were some lesser used app, it would have been banned already, i'm sure. >> because too many politician's children will go nuts? >> there is a reason why it's eating the lunch maybe that's exaggerating. >> it's a huge competitor. >> a threat, absolutely. >> meta to snap, pinterest, all of them. yes. here's the thing i like meta, and it's had a nice

run, partially on this tiktok. expectation of maybe something will happen. maybe it won't i don't know now how much is priced in on the hope that tiktok -- it used to be free you were getting that for free it was long shot now you're paying something for it >> guy, to your point, you can trade here independent of whether it's right or wrong or enduring, this is almost like a meme stock something that lost almost 95% of its value, it's come off its covid low, you trade it long if you make some money, you take that money just as if you start to show a loss, get out. it's very much a trade and nothing else >> tim >> look, i agree like everyone, get off my front lawn, tiktok. i'm sure i sound like my dad and all that i think the more important thing is i'll leave all that alone i just think that the social media space trades totally differently than it did a year and a half ago, and there are reasons for it it's not just tiktok all these companies have their

own specific dynamics. we know with snap it's ios with meta it's overspending and maybe saturation issues. we know with google and youtube. we can go down the list. well can go to disney plus or net politics but this entire group always slightly different exposure were sold immediately on recession. so they're the first ones that priced in recession when there are other parts of the market that didn't. i think you stay in the space. it's not just because of tiktok. coming up, investor anxiety skyrocketing how the recent banking turmoil impacted sentiment more on that and throughout march we are celebrating women's heritage here is the president and ceo of franklin templeton >> my advice to any leader, not just women, is what i call my four ps. people, passion, purpose, and persistence. people surround yourself with the best team you possibly can get. passion. love what you do and you never work a day in your life. purpose, describe what you do in a purposeful way such that

people can get excited about and follow you on it and then persistence i think the difference between success and failure often is how somebody responds when they fail, dusting themselves off and just getting right back into the game dad, we got this. we got this. we got this. we got this. we got this. yay! we got this. we got this! life is for living. we got this! let's partner for all of it. edward jones go. go green. go wind turbines. go gorgeous reliable grid. go emerson software. go science people. go breakthrough meds and safe science. go space age welds for super silent cars.

go big. or go home. from software that delivers new cures at warp speed, to technology that makes clean energy reliable, emerson innovation helps make the world healthier, safer, smarter and more sustainable. go boldly. emerson. i was born on the south side of chicago. it has been a long road, but now i'm working for schwab. i love to help people understand the world through their lens and invest accordingly. you can call us christmas eve at four o'clock in the morning. we're gonna always make sure that you have all of the financial tools and support to secure your financial future. that means a lot for my community and for every community. somewhere out there is that one-in-a-million. someone who thinks with their hands. who can shape raw materials into something meaningful.

and who wants to serve in their own way. if you're out there. if you're looking for more. we're looking too. we're calling on a new generation of builders for navy's next-gen submarines.

welcome back to "fast money. the latest spate of bank failures has retailers scrambling to understand what is going on among the highest questions what is bank failure, what assets are protected in a bank failure? what is too big to fail? you get the picture. for more insight, let's bring in caleb silver he is investopedia editor-in-chief, friend of the show caleb, always great to see you they're worried out there. geez, these search queries are a window into their psyche right now. >> absolutely. high anxiety somebody find mel brooks individual investors have been whipped around wondering what is going on we measure anxiety through what we call our anxiety index. this is search around the economy, personal finance in the markets. it is screaming like a toddler who just dropped its ice cream first shock and then the

complete tantrum that follows because they don't know if they're money is going to be safe and then they're watching this big sell-off that happened in regional banks, wondering if this is going to be contagious all the way through the markets. a very heavy time for investors. >> are they daring to go into bank stocks? >> yeah, when we look at what products they're looking for, they're looking at the top bank efs, inverse etfs if they want to play it ouray down or up. they're trying to get promiscuous on the edge. most people saying what is going on here? i thought we were through this are in 2008. some of the terms coming back in the psychological contagion is a lot for people that's why you see a lot of investors sitting back and seeing this play out >> the $10,000 question. the number one is shocking to me the answer but speak to, this because i'm fascinated by it >> etfs were popular because they don't want to be stock pickers right now, though if you give them extra money. that would buy individual stocks if they had the extra cash

that's not what they've been buying lately according to our most recent survey they've been buying a lot of ocds, money market funds we were having this conversation two months ago same thing but leaning a little more into the safer products because things don't feel right out there even with the bailouts don't call them a bailout. even with these back stops, it doesn't feel right for individual investors you've seen money floo flow coming out >> we have seen this what, when russia invaded ukraine >> this is very anxious. not march 2020 anxious, not jan 20-21. getting up there searches for foreclosure, forbearance, searches for what happens when my bank fails, are my assets protected? those are the ones spiking a lot. there is a lot of marketing anxiety. that's been around for the last six, eight weeks and really the last year and a half really. but the anxiety is personal

because people feel this personally first is everything that i've made protected. and then what can i do about this situation if i want to capitalize >> the survey closed when, friday >> just as svb was dropping. but we've been looking at the search activity since then because we didn't capture it in the survey but the survey is telling us what we knew all along people are really cautious right now. wanting to put money to work, but not sure it feels right. >> what would you anticipate these investor, these people who are searching terms to do in the next week? ewe seen this window before, you've seen this happen before what does it look like it's developing into? >> i think people want to put money to work very badly they've been waiting a long time to really do that. i don't think they're going to see a green light to do that but any hint of optimism or any hint of stability is going to put them back into the buying mode and they want to invest. these are habitual investors, self-directed. they've been doing this a long time average age is north of 45 they've seen cycles like this. they're just anxious to put money to work.

>> caleb, it's always great to have you on. thank you. caleb silver, investpedia. more pain ahead. when option is betting visa is not where you want to be stick around more "fast money." r part of the plan! these kids order the lobster mac 'n cheese! what if she wants to play golf? we're going to have to outlaw golf. absolutely no golf in this house! not under my roof! since we started working with empower, all of our financial questions have been answered, so we don't have to worry. so you never- nope. always part of the plan. join 17 million people and take control of your financial future to empower what's next. start today at empower.com

(vo) sail through the heart of historic cities financial future to empower what's next. and unforgettable scenery with viking. unpack once and get closer to iconic landmarks, local life and cultural treasures. because when you experience europe on a viking longship, you'll spend less time getting there and more time being there. viking. exploring the world in comfort.

welcome back to "fast money. visa rebounding sharply after lows, erasing a 3.5% drop to finish in the green. but options are betting this payment player is in for more pain mike >> so visa traded at almost 2.7 times its average daily put volume in puts outpaced. busiest puts were the march 31st 205 strikes the buyers paying a little over 3 bucks a contract i would point out as you just said, the stock did rally sharply. and most traded by 10:00 a.m the stock still did underperform both information, technology, and financials a and the buyers are betting the stock could be lower by 5 to 7% by the end of this month >> tim, you like visa. >> no. i'll let carter speak to the chart. i don't like that chart. but the valuation is not terrible, but we all know the macro data around credit card balances and where the consumer is, and ultimately, look, the

wealth effect that we also were just talking about both with caleb and with rosie, none of this really feeds well into credit card spending so i'm not chasing visa here >> can you speak to the charter, carter >> i can here's the thing it's a pair of 2s. it's not a bull. it's not a bear. sometimes stocks are where they belong it belongs here. >> all right for more "options action" -- thank you. tune in to the full show 5:30 p.m. eastern time. up next, final trade

you know coach k, retirement looks good on you. who needs championships when you can look at birds? uh, coach, i'm looking at a goat! a hospital bill for $1200 bucks? gaaaaaap! did you say gap? he's talking about the expenses health insurance doesn't cover. but with aflac, you can get money to help close that gap. aflac, huh? aflac! gaaaaaap! aflac! gaaaaaap! get help with expenses health insurance doesn't cover at aflac. official partner of march madness. (swords clashing) -had enough? -no... arthritis. here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme.

♪♪ for skin as alive as you are... don't settle for silver. harness the power of 7 moisturizers & 3 vitamins to smooth, heal, and moisturize your dry skin.

gold bond. champion your skin. time for the final trade let's go around the horn timothy? >> gm is not a regional bank i realize that the chart has been difficult, but this is the bottom of a small update from last summer. gm >> carter? >> oil is especially interesting here way overdone to the downside >> care woman? >> yes on the heels of fed ex, i think some of the things will apply to ups also >> guy >> ranger hockey down the street tonight. >> oh, i know. >> the penguins are in town. and you were talking about this earlier. to the rangers basically build

upon the win the other night and just thrash the penguins tonight? >> definitely. >> you know what i'm with youon that. i'm also with this dhi trade which is unstoppable >> thanks for watching "fast money. see you back here tomorrow at 5:00 for more "fast. meantime, don't go anywhere. "mad money" with jim cramer starts right now. "fast. meantime don't go anywhere "mad money" with jim cramer starts right now my mission is simple to make you money. i'm here to level the playing field for all investors. there's always a bull market somewhere. and i promise to help you find it "mad money" starts now >> hey, i'm cramer welcome to "mad money. welcome to cramerica other people want to make friends. i'm just trying to make you a little money my job is not just to entertain but to educate and to teach you. so call me at 1-800-743-cnbc or tweet me @jimcramer. look, you can't always get what you want but if you you try