After another brutal day for stocks Friday, "Fast Money" traders discussed how to play defense.

The major U.S. averages each fell more than 2 percent Friday, bringing the 's losses to 8 percent this year. Amid the selling, U.S. bond prices rose, sending the 10-year Treasury note yield briefly below 2 percent.

Trader Guy Adami believes the 10-year yield could fall to 1.5 percent or lower. To play it, he looked to the iShares 20+ Year Treasury Bond ETF, which rose 1.6 percent on Friday and is up more than 4 percent for the year.

If the Federal Reserve hints at "backing down" from future interest rate hikes because of the volatility, silver and gold could benefit, said trader Brian Kelly. Prices of gold futures, a traditional "safe haven" play, have already climbed more than 2 percent this year.

Kelly has a stake in the SPDR Gold Trust and SPDR Silver Trust.

Meanwhile, trader Dan Nathan pointed to "defensive" long positions that he has taken because of dividend yields. Though it has fallen nearly 4 percent this year, Verizon has a yield of about 5 percent, he said.

Nathan also likes the Utilities Select Sector SPDR Fund, which has limited exposure outside the U.S.

Disclosures:

Dan Nathan

Dan is long WMT Feb Put Spread, long PFE buy-write, long VZ Buy-write, long XLU Feb Call Spread, long QCOM Feb Calls, long UUP, long TWTR, long TLT Apr risk reversal; he is short SPY.

Steve Grasso

Steve is Long AAPL, AEO, BA, BAC, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX firm is long CXO, OXY, BP, CVX, RIG, AMZN kids own EFA, EFG, EWJ, IJR, SPY

Brian Kelly

Brian Kelly is long BBRY, Bitcoin, GDX, GLD, TLT, US Dollar, SLV; he is short British Pound, CS, DB, Euro, EWH, SPY, UBS.

Guy Adami

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