your favorite anchor in. >> it's both of you. [ laughter ] >> well, meg, thanks. >> we're going to finish this conversation offline. >> got a big week coming up, morgan lots more bank earnings, including the regionals. >> that's right, and a lot of macrodata including the regional fed surveys. that's going to do it at "overtime. >> "fast money" begins now. right now on "fast," earnings season has begun, and banks so far telling investors what they wanted to hear why didn't the rest of the market seem to listen? we're going to dig into the opposing forces hitting stocks today. plus, wasn't just the banks out be earnings. one of the biggest names posting results and despite the drop, not one, but two of our traders still see upside for the stock they're going to lay out the case and in selection in sight, one apparel stock getting a big double upgrade, sending its shares soaring why one of our traders are

hopeful the name found support i'm sarahizen. this is "fast money" live from the nasdaq market site we've got tim seymour, jeff mills steve grasso, and julie beale we're going to start with the opposing forces. big bounce in bank stocks after the first set of earnings report j.p. morgan surging 7.5%, biggest jump since 2020. that after posting record revenue even in the aftermath of the crisis citi group up 5% other big banks coming along for the ride on the other hand signs of weakness in consumer retail sales down a full% from february the ceo of wells fargo tell me earlier he cease signs of weakness in spending. >> in the card space you're seeing a very gradual weakening, which is what you see now over the last couple of quarters. >> so, didn't overplay it.

nothing aarmist, but they're preparing. that weakness seemed to outweigh the strength in banks. if you look at the overall market, nasdaq down for the fifth time in six sessions s&p also pulling back. what does it tell you the stand out bank earnings weren't enough to boost the market. this was -- >> first of all, you are boosting our spirits by being here today. >> thank you i love joining you guys. >> j.p. morgan's numbers were great. it's amazing how many people say, i knew they were going to be great not everybody knew they were going to have these kind of record numbers i get net interest up 49% is something that may be unsustainable. i think the market's heaviness today is a function of -- look, the market's had a great week. i think there's been a few mixed signals on the data front. the cpi number is enough to keep the fed alive in may i think the fed minutes show you there's enough voting members without the name powell that are

on board for a may hike, and fed waller's comments today were like, may is happening so i don't know that that should be a huge surprise, but that's a little different than where the market is. i do think, as i say, the outperformance of the semiconductors and qqqs and heavyweights in nasdaq, as long as that continues, i think the markets are moving higher. i see that starting to teeter a little bit, and even though a lot of the positioning in some of the semis like an intel or something is light, i think you have to watch this, because we have had a big run. >> yeah, i think the question is, is good data now bad news for the markets. bank earningser with better. retail weak, but university of michigan consumer confidence was strong waller's comments, more tightening is needed >> today j.p. morgan -- this was good news for j.p. morgan because the financial crisis -- >> which you own. >> we both own i don't know if jeff owns it

>> i don't like them, but we have positions in certain banks, j.p. morgan being one of them. >> we'll take that on a day like today. they are the recipient of deposits this was a tail wind think about bigger picture this is bad for tech right? if rates are going higher it's good for banks it will be a tail wind for banks. it will be a head wind for tech. the problem is large cap tech cannot rally in the face of higher rates we had a nice little bounce off the bottom that's levelled out. what does that mean for the overall market probably leveling out, too if you look at the technical levels on the s&p, 4,200 is a big he'll to overcome. unless things change significantly with the macro appearance in the mark, we're in a range-bound market where we're not as low as everyone thought we were going to be, and we keep bumping our head against that

4,200 level in the s&p and there's no reason to pop above it. >> i think the leadership of the market right now is really important. we were at these levels not too long ago, a couple of months but the complex of the market was different. you had cyclicals leading, trans port, high cap, beta leading there was a more on risk tone to the market even though positioning is light, and i think that can continue to lift the market in the near term, that's reversed out. look at gold, staples, utilities versus discretionary this is different than it was months ago, and that concerns me relative to the staying power of where we are. >> you know why i think the market didn't rally? because the market didn't sell off when banks were in crisis. took us down for a few days but the month of march was an up month. technology stocks rallied. it was only the banks that had a bad first quarter. >> i would agree with that, but look at industrials.

airlines retreated like bank stocks slowly have been working their way back. >> banks haven't they're playing catchup. >> i agree j.p. morgan underperformed the s&p by about 8% since svb, and i think that's the dynamic here. i think you have a case where banks are going to be judged as -- even if the numbers are strong, there's so much more to come for banks that they're going to have trouble. >> yulia, i'm curious your take. >> everything with banks right now is going to be a function of the haves and have notes your large mega cap banks are thes have and regionals are the have notes that's important to keep in mind as we get more and more information on the regional banks who are holding much more of this problematic office, another commercial real estate that i think we all know is probably mispriced and has more credit risk. so i think next week it starts to be really important in term

of understanding what they have. the large banks have done a good job of boosting their rain any day funds, but i think it's going to be much more severe on the regional bank side. >> i will just note that pnc managed to close up after being down all day, jeff. >> why did you point to jeff did you do something wrong >> i used to work there. staying out of this one. >> used to work there. enough said. >> exactly a couple of quick things one, just relative to the way banks performed, look at the kbw versus kbe more diversified they moved in completely different directions to julie's point, relative to the haves and have notes, regionals. where does credit come from for consumers? regionals. if they end up being the have notes, that's a good read on the

macros >> even if they're the have notes, is it not priced into the stocks they have had a terrible ride basically since march when svb failed so i guess i'm wonder field goal it's in the price if you see them bouncing on news, or more bad news to come >> i think it will be really, really diversified because they all hold very different kinds of credit risk. there are some that are more exposed to office and there are others where it's a small business issue for them. it's going to depend on the nix and they won't all be the same, but i think what is important to keep in mind is even though they are cheap, they're cheap for a reason it's a recognition of the risk they have, not just in terms of credit but in term of being able to fund. for me it's a no-go, no thank you. >> got it. and for jeff no one owns regionals, right, on the desk >> a little bit of exposure, but

definitely don't want to be overweight from a cyclical perspective you don't want to have a ton of exposure. >> another earner, united health care, slipping about 3.5% despite what was a beat on earnings and company up on guidance it's part of your acronym. >> can you remind us >> j.u.s.t j.p. morgan doing well, tesla's doing well, and my two u.s. is not doing well stem is an ai play of getting power out of the grid in a -- >> is there a theme? >> i don't know. if we want to make one we can. last week i sid wish i had it as must because i wanted to meta as my "m. on unh, they beat, guided

higher, they have new coverage there's so much to be positive about this stock, you just can't get out of its own way, but i'm going to stay with it, because management seems still positive, and everything about that earnings report was positive to me. >> you like it, too. >> i like it i'm long it. i think it's worth noting i was probably singing its praises going into earnings. we talked about unh. one of the reasons i think it's outperformed health care space, this is one of the greatest charts in the market over the last five years, and the reason why the multiple goes higher is because they're in the highest growth parts of the health-care business they are growing 40% in high margin parts of the health care business i am one that says you take this weakness going into these numbers i said this was a strong performer and stay there the bar was extremely high these were not bad numbers x-2q moving pieces the outlook's good. >> despite today's pullback, s&p did manage to end the week

higher making it the fourth positive week in five for the index but where could it be headed as we head deeper into earnings season we need a let's get to chart mter carter worth looking at theanything thank you. grasso, you're making the point, is there any reason, we find one o press higher i don't thinup against the febr so the only thing that would be incrementally posztive you would need to take out the february 2 high the internals -- you guys were talking about that -- that'she when you hav socks, like really struggling, consumer. and the thought is that a

bifurcated market is solved by the leaders telling the truth, weak ones coming to life never that wait a minute always the opposite weak are telling the message and the ones that are strong are where people are hiding and those ultimately succumb. >> i want to throw one bullish technical stat at you. comes from tom lee, of course. he says the s&p spent more than 25 weeks above the 200-day moving average since 1950, zero days doing that -- >> there are a lot of these things they're called data mining when you find those, talk to a st statistician -- it's like stock traders almanac. you can always find. you can massage the data to get anything you want. >> carter, how about the uptrend off the cpi low? the october cpi low is a

profound moment for this market, and i feel like this week and yesterday, we got back above that trend line, which was wounded by svb. >> sure, and that's fair one could say the market made progress rates peaked it's just the s&p. if you look at othering aing a aggregates -- the equal weighted consumer is hovering for gm, stocks that are just not progressing. you've got a lot of internal that do not support the "s&p." >> the only issue is -- tim's talking about this, too. we're thrown everything negative at this market we have had a financial crisis part two, which wasn't like the first one. we have geopolitical issues, china. >> everything. >> everything. too much to go through and the market just --

>> won't go down but it won't go up, either. >> sounds like a pair of 2s. >> it might be year to date performance is arbitrary, right if it's may, june, okay. but one year, two year if you look at equities as a broad thrust, they're unchanged two years. max gain 15%, max loss 15%, and here we are hunch. what is the proposition for real earnings growth or multiple expansion? i just don't see it and the charts don't really support it. >> people think that multiple expansion comes when the fed cuts, which the market is expecting to happen. >> interest rates are the same as they were in june a year ago. we're stuck at 3.5. >> it's in the the he'll, it's the direction. >> always is until it isn't. the number one most lovelled things on jan 1 was banks and financials whoops what was the most hated? tech don't by tech. whoops it's always this way.

>> carter, we'll talk more on "options action. thank you very much for that preview. when we come back here on "fast money," earnings season kicking off with a bang. will the results continue to rock a number of names to talk about the trades next week straight ahead. and ready, set, shop goldman sachs getting doubly bullish on one retail stock. we're going to name names when "fast money" comes right back. nw small business owner... ...i've learned that trying to be the “cool” boss... ...is a lot harder when you're actually the “stressed” boss. inner voice (furniture maker): i know everything about my new furniture business. well, everything except... ...the whole “business” part. not anymore. with quickbooks, you can confidently manage your business. new business? no problem. yeah. success starts with intuit quickbooks. how's the chicken? the prawns are delicious. oh, i have a shellfish allergy. one prawn. very good. did i say chicken wrong? tired of people not listening to what you want?

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welcome back to "fast money. earnings season really kicks into high gear monday. more big bnks and regional banks on the calendar. we'll hear from netflix, ibm, tesla and a slew of transportation companies what's on our traders' watch lists? let's go around the horn. >> i'm interested to hear what the trans ports have to say. i think you get a good read on the economy, on consumer discretionary, but most importantly you get a better understanding of what's happening in labor prices, labor relations with unions, that's going to be critical to digging with the fed, so that's what i'm paying attention to. >> jeff? >> i want a read on regionals but a very specific regional,

m&t bank we mentioned real estate they have a high concentration on commercial real estate. i'm concerned about credit what do they have to say about office in particular do these properties need more investment are they getting the capital they need? squeeze a credit, therefore a squeeze on small business and the consumer throw an a bonus, prologis, more focus on the industrial side not all commercial real estate is bad, but let's see what they have to say compared to banks' overall books. maybe not so bad investors need make that -- >> you're just watching m&t. >> macroread through to understand. >> i'm looking at tesla. there's been so much talk about margins with tesla, price cuts

i want to see what that looks like, guidance looks like, deliveries look like there's a host of things, but most importantly i want to see how the stock reacts coming out of earnings. it was up above 200, slammed down to 180. let's see what type of pop it can muster up. >> i like that jeff and julie are looking at transports and banks. i'm watching bank of america, because i think as a -- from j.p. morgan there is a place banks can outperform, and bank of america trades 50 cheap to jpm, to whole group 20% cheap to tangible it beat on income and fees i think bank of america is on a good spot, and where j.p. morgan missed was expenses. netflix, just because this is

actually a cash flow generator in the midst of a world where i want to own companies that are generating free cash flow. for netflix, this hasn't always been the case. this is what netflix has to offer. i think the street might be a little aggressive. might disappoint, but right now we're less focused on that because we all believe it's going to take a while for this ad supported revenue stream to build itself out. >> nobody chose schwab i thought you guys were going to go there on monday, schwab reports and this is been one investors really worried about. >> i think the good news is if no one's hanging on the edge, i think there's some sense we're not that worried about the flight of assets and look, i'm not going to make a call on where schwab is other than i've heard the same things they've told the market. i think a function of the lack of concern is a good thing, and i think the market traded like

that. >> to your point, haven't seen these stocks recover. >> no bounce. >> had not have any substantive bounce off those lows. >> right so if they're not worried are you a buy? >> i'm not a buy. >> not there yet, but we'll all be watching. when we come back, should you add this name to your shopping cart? the at list that could get this stock to rally it's our call of the day next. you're watching "fast money" live from the sdnaaq market site in times square, manhattan we are back after a quick break. at the end of the day, my mom raised three children, including myself. and so once the client knew that she was heard. we were able to help her move forward. your client won't care how much you know until they know how much you care.

welcome back to "fast money. call of the day on vfcorp.

analysts saying the apparel company is nearing an inflection point with better inventory management strengthen the bands product pipeline and china's re-opening some of the positive catalysts for this stock jeff, you have been looking at the stock? >> we own a small position bought it about a month ago and play this game sometimes, so bad it's good. >> at home or just here? >> both. i try to practice at home. >> do you dress up for that? >> i dress like this 80% off its high, 40% below the two-day moving average we have this chart -- yeah, back to the levels before the financial crisis and bounced nicely off of that support so i think from a risk reward perspective, it's an interesting name given the dividend, given thinged mentioned by goldman and product development within bands. i think there are some good things going on even with macrohead winds.

but at ten times forward, probably reflected in the price here. >> do you agree, julie work jeff's turnaround trade? >> woof. no. >> woof? that hurts. >> if you think about what's happening right now in terms of management turnover, they've replaced their division heads but haven't replaced the top dog, and so that person is coming in constrained with their management team they have in place, and turning around these type of brands is hard you can pull that stock chart where it's near its '08, '09 lows, but distribution was easier it's not the same. >> they have supreme going for them that is something. final trade. going around the horn. julie, starting with you. >> i like the business -- ooh, sorry. ollie's is a retailer i like

benefitting from customers. >> steve >> tesla looking for $200 pop after earnings. >> jeff? you. >> auto zone. >> tim in. >> sarah, thank you for joining us you were saying you liked your yan yum i believe? >> cutis whose are these? >> mine, if it wasn't obvious. >> we like uranium as a family. >> "options action" up next. - asking the right question can greatly impact your future. - are, are you qualified to do this? - what? - especially when it comes to your finances. - yeehaw! - do you have a question? - are you a certified financial planner™? - yes. i'm a cfp® professional. - cfp® professionals are committed to acting in your best interest. that's why it's gotta be a cfp®. find your cfp® professional at letsmakeaplan.org.

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right now on "options action," this chart is our theme tonight -- a retail route. xrt nowhere near keeping up with the market the consumer data confirming the sentiment. buckle up. we'll show you how to hedge with options. trading something we've never done before. financing relies on rates, rates rely on the ten-year and we round out the consumer conundrum on the look ba