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Fast Money

4 ways to trade the big jobs miss

4 ways to trade the jobs report

After a disappointing U.S. jobs number Friday, "Fast Money" traders chose assets that could rally if the Federal Reserve stays put on interest rates for the foreseeable future.

The U.S. economy added 142,000 jobs in September, far fewer than economists had expected. The number reduced market expectations that the Fed would move off of near-zero interest rates this year.

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In that environment, traders Steve Grasso and Dan Nathan looked to utilities stocks, which they perceived as defensive plays with little exposure outside of the United States. The Utilities Select Sector SPDR Fund, for instance, rose more than 1 percent on Friday.

"Utilities work on both sides of the argument" on the Fed raising interest rates, Grasso said.

A melter casts an ingot of 92.96 percent pure gold at a procession plant of the Olimpiada gold operation, owned by Polyus Gold International company, in Krasnoyarsk region, Eastern Siberia, Russia.
Ilya Naymushin | Reuters

With a rate hike possibly delayed, trader Tim Seymour believes rate-sensitive financial stocks could fall to appealing entry points. He said they make a "great opportunity" if weakness on Fed uncertainty continues.

Trader Guy Adami, meanwhile, would look to profit from gold. The dollar could fall if the Fed does not raise rates, which gives gold prices a good chance of rising, he contended.

Read MoreJobs miss is the 'worst case scenario' for markets

He pointed to the Market Vectors Gold Miners ETF, which rose 8 percent on Friday.


Tim Seymour

Tim Seymour is long AAPL, BAC, CLF, DIS, F, FCX, GE, GM, GOOGL, INTC, JPM, KO, LGF, T, TWTR, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.

Dan Nathan

Dan is long PYPL Oct call calendar, BA Oct put spread, INTC Oct put spread, QQQ Oct put spread, UAL Oct/Nov put spread, XLP Nov calls, XLU call spread, TWTR, PG

Steve Grasso

Steve is Long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, FIT, KBH, MJNA, MU, PFE, PHM, STRP, T, TWTR, GDX firm is long BP, COP, CVX, FCX, NE, NEM, OXY, RIG, kids own EFA, EFG, EWJ, IJR, SPY

Guy Adami

Guy Adami is long CELG, EXAS, INTC, Guy Adami's wife, Linda Snow, works at Merck.