their buy back but management teams, especially those at super regionals, may be more conservative with capitol concern because there are two more pretty sizeable capital returns. >> that's one of many things to be watching. we have a lot of news on tap i got your reference which i think dates both of us. >> yes you know me. that's going to do it for both of us here on "overtime. >> "fast money" starts now. >> right now on "fast," all good things must come to an end the nasdaq closing out a down week with more losses today. the dow and s&p following suit is this the end of the recent rebound rally or are markets taking a breather. ♪ oops, he did it again ♪ david solomon. how the efforts to transform them into a giant seems to hit one more snag after another. and it's friday.

this name is hitting high. not seen in over a year. i'll tell you what it is and how you should play it now i am courtney ragan in for melissa lee. i'm here is our panel and karen will be joining us shortly. another set of losses to end the week on the wall street. dow shed willing 219 points. the s&p down more than 3/4 of a percent. the nasdaq leading the losses with a drop down over a percent. all three indexes lower on the week with the nasdaq snapping an eight week win streak. the tech heavy index posting the lowest close since june 12th with one week to go, the major markets are still in the green the quarter and the year does this suggest the rally has lost its legs. steve, what happened was it powell's testimony? was it reversion what are relooking at?

>> you just said it. the nasdaq was up eight weeks in a row, breaks that streak. everyone was poised for reversion. this was long in the tooth they're womaning stoot end of those rate hikes still just above 13. >> feels fairly complacent generally. >> some of the anecdotal data is that hedge funds are taking their growths down.

>> boe feels they are. they are down 50 cents powell walked back a little bit. calling that a dovish pause. >> august. >> august pause. >> it sure was i appreciate that. >> hawkish pause was something that i think if anything this week, look, we dropped 100 handles on the s&p and it feels different except for the fact that i would just characterize it as positioning sentiment are different than they were a week ago but not that different we've come such a long way reconciling. we've been on the show a long time i would say in my 16 years plus doing this i've never seen a period of six months that have been as negative as this period. that explains to me a lot of the move we're talk willing through some really dark, dark periods.

the recession that never seems to happen is one financial conditions are looser. i think this week you can't call it anything other than a pause after a tremendous run. >> you know, karen, doesn't look like apple is taking a pause apple still sitting at new heights here today yesterday you told us you took some profits on that name. do you regret it do you wish you still held on today or do you think that was probably smart and actually apple is going to be part of this trade that moves lower coming here soon >> yeah. i mean, you know, that run was so extraordinary that i can promise you, promise you that i did not sell it at the top so anyone should feel free to buy it i did not sell it at the top i don't know, i just feel like it's such a huge run sort of a portfolio management thing. i have a lot of exposure amazon my base position is meta. second base position is alphabet they're all going to move together and so i think i just had to take a little bit off the table. but i think if you look at the

chart and just kind of squint, this week as bad as it felt, really was something so i wouldn't be surprised if we see further pressure, but i agree with tim, i don't think that changes the whole landscape of where we are. >> guy, what do you think about what happened today, especially in this tech heavy nasdaq seeing the break of the trend and going down 1% here >> yeah. you know, again, i'm with the group. i don't want to make a huge deal out of four or five days of market action. we have a month end, quarter end which strange things have happened before. my sense is we'll probably see them again in the form of some sort of markup this moving the s&p takes us back to effectively the level we topped out at last august. i think everybody's point, they don't want to make a huge deal of it. in terms of apple, i'm going to be labeled a hater it's friday. apple is the beneficiary of many things not the least of which being in

dozens of etfs, funds, the passive investing, apple benefits it probably more from any other company out there. that's great on the way up passive investing is wonderful the concern, of course, is when passive becomes aggressive we've seen significant pull backs in apple to the tune of 30 to 45% so it's not like the stock goes up in a straight line. >> karen, consumer discretionary, she tried to say, was one of the laggards today when you're looking at the s&p groups was that any kind of indication the market is starting to worry about cracks in the consumer, willingness and/or ability to spend in a discretionary way going forward? >> yeah, i think so. we saw it in target. we saw it not everywhere lulu, outstanding. target -- but i think though

that we're going to get to it later. i don't want to jump the gun as we see this student loan potentially likely i guess come back, that's going to pressure them more. stimulus checks which we knew everyone was getting juiced the market way more than i thought we know the likelihood of student loans being cut off is high >> this market is range bound. we're in a higher, broader range bound market i don't think this is going to fall out you're going to see the money flowing into the large cap tech gains. having said that, apple hasn't even whispered about ai yet. we've come out with a headset. it will be expensive

what was resistance becomes support. 200 becomes the becase. we're well on the way to grind when you look at the $3 trillion mark, market cap, that appears to be the base settling away to china at least they're doing everything you would expect a company like apple to do. >> tim, steve brings up ai and apple and yesterday we had an interview with deidre bosa talking about amazon's push into ai generative ai didn't get a lot of details is that something you think we should be paying attention to that can, of course, by the way tower a bunch of stocks, indices and others along with it. >> yes and no. i look at the net retail dollars spent on the ecommerce business and be i don't think it really changes.

amazon dominates significantly doesn't make any money there i don't think it is really going to change that we talk about companies like facebook they're growing their market from what generative ai will do. ai may be more beneficial to older companies and this is where people are looking at what does this mean for higher multiples in stock frns and when the fed raises the rates. i see ai as obviously we've got your nvidias and the folks that are running the show right now, then you have all of the speculative dynamics for what it means. google, microsoft, facebook, they've been there

they've been there for a long time i think if anything they have a lot of good news. turning to banks goldman sachs is facing a writedown. we saw shares falling by 1 1/2%. hi, hugh can you sort of get us the gist about what happened here and what this potentially means going forward for goldman sachs? >> hey, courtney yeah so goldman sachs in the throes of this pushing to the retail banking round purchased something called green sky and announced the deal 2021. they've held it for less than two years and have already talked about basically selling it and getting out of the business as their ceo david sullivan has reversed his push into the retail realm. you normally expect the savviest advisers to basically purchase high and sell low.

that's essentially the conundrum they're in the bids they're getting are in the 300 to $500 million range just for the origination side of the business that is far below what they paid for it just 18 months ago, cou courtney. >> hugh, hindsight is 20/20. what are the missteps? can they be avoided in the future if they look at any other acquisitions, solomon is potentially backpeddling >> i think he and others internally went for this acquisition and overruled some other folks internally and thought it was a bad fit and now, you know, he's sort of forced to sort of embarrassingly kind of pull back on this. i think the lesson is he is essentially giving ammunition to -- we've talked about on air the partners out there who are very sort of disgruntled and

happy with solomon he's giving them ammunition to be unhappy again as in this quarter and the coming quarters they're going to have to announce writedowns tied to this stick to a plan and execute on that plan and don't sort of pull back immediately. >> hugh, it's tim. that gets to it sounds like this is a cultural divide inside of goldman. if you think about it, it's not a bank it's got one of the greatest cultures on wall street, not one of consumer banking. green sky, there's an argument it was doing what it's supposed to do. this hasn't been a failure it's the exodus from this industry can you comment on the culture dynamic at goldman sachs >> there is the sense, goldman going back to being goldman is going to be good for the stock and the morale internally. getting this behind them even if it is costly is still a good thing. that's the track that solomon is

on i don't think there's any doubt that purchasing something in september 2021, which is soort o the peak and selling it today is going to lead to a loss. that's sort of well established. goldman going back to goldman, that's probably good. >> hugh son, thanks. guy, you were watching the banks. what do you think this might mean for solomon at the bank and his strategy >> goldman sachs, the culture is strong the opposite of not cutting bait on things that didn't work is staying with something that is bad and knowing it is going to continue being bad you have to give them credit as traders, that's the disciplined thing to do. the exposure has been rather

good 303 should be good everybody has to put a bull's eye on his back. i think he's gone a great job. in terms of banks specifically, you have to be concerned how well they've been trading. bank of america has not been good jpmorgan to the penny up 133 i'm still of the belief there's something that's going to happen specifically in regionals and i don't think you can own banks here. >> up next, buy now, pay later stocks those are on fire. could they go up in smoke when student loan payments resume "options action," why it might be time to send your money abroad more "fast money" is ahead

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welcome back to "fast money. fin tech stocks having a great year sofi jumping 78% and affirm up 53%. cnbc's kristina partsinevelos is here. >> we thought the supreme court

would rule borrowers preparing to resume their payments in september. the three-year pause on $185 billion worth of student loans needs to be paying back. it has helped lending firms and buy now pay later firms like affirm, upstart, sofi all up 53% vastly outpacing the s&p 500 much of that debt is already priced into the stock. compass has a sell rating on sofi saying the student loan pause was scheduled on june 30th affirm seeing total delinquencies increase in may. mizuho, they're saying it's strong paypal is selling the kkr e european debt. sill hasn't named a ceo

successor. then lastly you have payments processor block. it faces competition from toast, pfizer cut the price target to block to 85 from 105. i threw in fin tech, buy now pay later. you have competition in the space and the fact that a lot of this debt has priced into the stock hence why you saw the uphill climb so the student loan was a headwind to this fintech and now we're getting a headwind because we're worried about delinquencies. it was supposed to be running off the table and that was a positive and now we're moving onto the negatives >> yeah. we move quickly in the market

world. in terms of delinquencies, i think it's a concern bank of america, 30 day auto loan and many americans are falling behind we have to factor that in even though we're spending more. >> the debt service ratio for consumers is at the highest in 17 years this is the bird these companies face i also think the demand for the new products that was having me buy 16 things, i won't say what things, before we came on. that's part of it. the conversation sofi, green sky, what is it worth? the biggest issue is sofi is fine, i think. it's not even about that what are you willing to pay for this company and what's the multiple on a lot of these high multiple fintechs. that's part of what i think is going on it. >> i want to loop karen in here because she brought this up with

the student loan payment potentially changing or ending, meaning we have to resume payments soon. what do you make of the space with the buy now pay later the fintech may have a ripple effect any of them tradeable for you here >> no, not really. i mean, i think -- you know, i kind of agree with tim here. they've had a really nice run up off of a low base. good for them there, but i just think that -- i don't know, anything financially related, if you want to have any credit exposure, which some of them do, some of them don't, but i really just want to be in the big banks. guy will disagree with me, but that's what i think the safest, best award is in the whole financial services space. >> kristina, thank you for joining us. >> thank you. coming up, this crypto grid is having the best week since march. celebrating pride month. here is the chief peeple officer of equinox being gay is not a

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welcome back to "fast money. chart of the week. it's bitcoin surging 17% for the best week since march. touch levels not seen since early last june. bitcoin now on pace for the best

first half and prices surged more than 200% is it safe to say the crypto winter has thawed out? tim, what do you think >> well, one of the things that i think was hypothesized is crypto's going to rally the minute we know the fed is done at least bitcoin will. i'll talk about bitcoin and ethereum some of this is a dynamic of where we are in the interest rate cycle what this move is absolutely about the filing of a bitcoin etf and the fact that the sense was this was going to happen i think there's a lot of people that the day that was announced by blackstone -- excuse me, blackrock and those others following suit some of that news was out there. that to me is what was going on. we talked about the discount of the bitcoin trust was to the underlying, how that's closed, how we haven't seen that the key to these, what you do with an ethereum that's

outperformed by almost 15% i look at ethereum relative to bitcoin and i look at that ratio and it's trading at a level that i think it's a buy. >> guy, i know you've got some wisdom to share with us about bitcoin? >> i don't know if it's win -- i can't speak to the bitcoin seasons. i'm surprised how well it's traded in the wake of a hawkish fed. if you want to trade stocks on it, the winner of this trade could be robin hood. i said it before, i'll say it again. there was an analyst piece how robinhood was eating coin base's lunch. i think you trade robinhood in this bitcoin spring. >> karen, last comment to you. >> i agree with the thought. you think of all of the incredibly bad things that happened it's half of its all-time high. >> time for the final trade. let's go around the horn

guy, start us off. >> a lot of hullabaloo about the home builders. >> karen >> yes we don't talk much about it maybe because it traded so terribly ccs corp >> mr. seymour. >> starbucks gaining ground. i'd be a buyer below 95. >> apple the grind is real. the grind is higher. >> that does it for "fast money. don't go awhe.nyer "options action" is coming up next right here. itis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time,

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right now on oa, despite a down week for the markets, it's been one heck of a first half of 2023 with one week left, how are options traders setting the table for the next six months? we'll break it down. trading the globe. been a hectic week for markets in india, japan and beyond and later earnings on tap at walgreens. can the pharmacy giant find the right prescription to turn