>>> plus, buggish on the banks top analyst mike mayo here to tell us why he thinks one of the financials he follows picked up more than 50% this year. his banking buy, minutes away. >>> and later, meta's winter meltup microsoft's major methoddown, and mining for gains in gold i'm sara eisen in for melissa lee. this is "fast money" from nasdaq market site we'll start with the market's post fed moments. stocks giving up much of their early gains after the central bank's latest signal that more rate hikes are coming. all three indexes briefly falling into the red mid afternoon. the markets did manage to finish with gains though well off their highs of the session the down up as much as 7200 points ended just 133 points higher minutes from the fed's latest meeting showing officials are committed to keeping rates higher until there is more significant progress in bringing down inflation after the release, futures markets stopped pricing in a rate cut before the end of the year so should markets be bracing for another new normal on rates? guy? it was pretty clear messaging from the fed today >

you have a buyer in this pool >> i think xlf continues to outperform we talk about this, we had mike mayo on talking about credit quality and stickiness of deposits i think you really want to climb up the etchelon in terms of the quality of name. xlf gives you that you don't want to be exposed to loan origination. >> let's move on to the energy sector a gate crasher makes it a three-way. oil services versus production versus integrated. carter, what's the twist here? >> three lines just the ones you said we have xle and bringing up the bomb is xep. over the past three months, one's up 27. one's up 10. one's down 6 another way to look at this chart is old xle as a constant what do you get? you get the real divergence. bifurcation when a space you want to be long in space and as a pair, short xop. >> mike, what do you think the melee in this market, do you agree there? >> they have caught up but haven't caught up all the way. taking a look at oih, did see big buys there we also saw some bearish bet on xep. not surprising given the pressure we have been seeing on oil lately trader bought 4,4

punisrchase of 13,500, bu paying $0.87 >> i think xlf probably outperforms, we talk about this, we had mike mayo on talking about credit quality and stickiness of deposits, and i think you really want to climb up the etch lon in terms of the quality of the names you're in xlf gives you more of that really you don't want to be exposed so much to just loan origination. >>> let's move on to the energy sector a gate crasher makes it a three-way. oil services versus production, versus integrated. carter what's the twist here >> so three lines, just the ones you said we have oih, services on top, xle dominated by exxon and chevron and bringing up the rear here is xop. the e and p names. what do we know? over the past three months one's up 27, one's up 10, one's down 6. another way to look at the chart is to hold the xle as the constant, and what do you get? you get the real divergence. what we've got is bifurcation within a space we want to be long ioh and as a pair short xop. >> mike, what do you think the melee in this market, do you agree there? >> yeah, they have caught up somewhat, but they haven

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 the

tempo, pace, what do the earnings look like we've heard mike mayo say the banks are as preerd as they ever have been for a recession. what does tech think >> we now -- but hoe deep will the cuts will be even though the earnings might come in, they're make cuts, the markets will buy those shorts. today was a big of a merger monday, a bit of activity, i really want to hear his take on the economy and the credit i think it will be pretty good >> really? right out of gate, that stock was trading near an all-time high it was -- who actually was more optimistic and he changed his tune late last year. what was interesting is the ten-year went from 4.25 to 3.5, it dropped like 20%. it hand really recaptured all of that the thing that makes me -- into wells fargo, they all report friday morning they perform really well off of the lows i think jpmorgan was up. if they're even just cautious, which they actually should be. >>> the real on inflation is just around the corner that's due up thursday >>> for more, let's bring in steve liesman. >> it doesn't feel like it would. another day, and two fe

getting started post nine at the new york stock exchange in a little bit speaking to star analyst mike mayot struggle after reports. we begin with our talk of the tape now what amp another cpi report shows inflation is cooling, fed still talking tough today bu

aside reserves for the credit card losses that are expect and be okay and still be profitable adds mike mayoa talks about. if you look at the other analysts, however, they think it's too early to get into bank stocks they think it's better -- there will be a better entry point later on in the year as we get closer to that recession so, i mean, it is impossible to say right now. you could say that there is enough to bolster each case if you believe in it. >> all right we will leave it there thank you. hugh son. >>> two interviews coming up on the "closing bell. b of a ceo brian moynihan discussing results and michael, the cfo at wells fargo the fun begins at 3:00 p.m. eastern. >>> we have a lot to do here on "power lunch." defense stocks trading lower goldman downgrades a couple of big names. could congress get enough streets to cut defense spending? plus, a recovery for amazon, up 12%. but new numbers show ratings for the nfl are down mostly because amazon took the thursday night package. anoxaudience there less prbu anrost d can streaming pay off long-term? we'll be right back. hi ladies! a

this new report says the fed is investigating the bank's consumer business we'll have top analyst mike mayo. we'll begin with our talk of the tape pretty nice finish here to a bad week stocks rallies today but the s&p posting its first weekly loss of the year who is winning here, the bulls or the bears let's bring in greg branch

you'll be working at schwab very soon >> well, some of the price target cuts today, i noticed wells, mike mayo >> it's still -- if you think that the market is going to be as bad as it was last year, you know, the m&a market >> thank you for that. >> yeah. >> i wanted to come back to emerson. we spent time on it yesterday. that stock was down a lot yesterday, jim and of course, unveiling that hostile bid for national instrument stock got hit. it was down almost 7% plus i think it's a cash deal, so this is not a function of risk arb, setting it up, they've been 53 for nati. it goes to the idea that shareholders are saying, is this going to be prolonged? is this a distraction? where is it going to end up in price? as i reported yesterday, people close to emerson said, listen, we're not going to end up with something with a 6 in front of it we'll see. it was surprising, the negative reaction from shareholders >> i was heartsick about it. i hate hostile i think too much of air products i know that the company believes this could be done in a couple months, but maybe the board will come to its sens

i just got off the phone with mike mayo. last night jamie dimon's pay package has come out.bout jamie dimon's pay. he said it is easier to ask for permission then forgiven -- forgiveness than permission. that is because more than the pay, j.p. morgan has decided not to allow for the special awards anymore. they had a special awards packets for jamie dimon of $50 million or so, and he is saying i wasn't happy last year, i didn't think it was fair that any bank ceo gets a bonus on top of a bonus. now they are saying they will never do it again. that is in old money, new money story. tom: we could go on about this, but is that w2 pay, like mere mortals like you and i have, or is it mostly stock treatment that will be taxed at a lower rate down the road? sonali: it is mostly stock treatment. tom: why are we conflating stock-treated assets and the risk of j.p. morgan in with his w-2 compensation? sonali: you have to look at their overall pay at the end of the day. when you look at it, glass lewis, the shareholder advisory firm, last you get -- last year gave him a d. what does ja

. >> turkey, cheddar, avocado, lettuce and mayo, and little bit of mustard. that's my usual. >> miken the neighborhood. he worked in the drugstore forever. he saved his money and opened up his own spot. we're always going to support home grown businesses and he spent generations living in this part of town, focusing on the family, and the vibe is great and people feel at home. it's like a little community gathering spot. >> this is the part of the city with a small town feel. a lot of mom and pop businesses, a lot of family run businesses. there is a conversation on whether starbucks would come in. i think there are some people that would embrace that. i think there are others that would prefer that not to be. i think we moved beyond that conversation. i think where we are now, we really want to enhance and embrace and encourage the businesses and small businesses that we have here. in fact, it's more of a mom and pop style business. i think at the end of the day, what we're really trying to do is encourage and embrace the diversity and enhance that diversity of businesses we already