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Traders pick sectors as Fed unlikely to hike rates in September

The "Fast Money" traders debated which sectors are the best to invest in now that it seems the Federal Reserve is unlikely to hike interest rates in September.

On Friday, the August jobs report showed that the U.S. economy only added 151,000 jobs during the month, below expectations for 180,000.

Trader Guy Adami said that while he understands the financial stocks have attractive valuations, he thinks "people are getting ahead of themselves." Instead, he said he thinks the gold miners are the place to be.

Trader David Seaburg disagreed and said he's still a buyer in the financial sector.

Trader Dan Nathan said that the S&P 500 and Treasurys are the place to be.

Trader Steve Grasso said that investors looking for yield should look at the utilities sector.


Disclosures:

STEVE GRASSO

Steve Grasso is long BA, CC, EVGN, KBH, MJNA, MU, NKE, OLN, PFE, PHM, T, TWTR, GDX. Grasso's children own EFA, EFG, EWJ, IJR, SPY. No shorts. Stuart Frankel & Co Inc. and some of its Partners have a financial interest in DVN, LDP, WDR, AVP, CVX, FCX, ICE, KDUS, KO, MAT, MCD, MJNA, NE, NEM, OLN, OXY, RIG, STAG, TAXI, TEX, TITXF, URI, VALE, WDR, WYNN, ZNGA, CUBA, HSPO, ICE, AMZN, MJNA, TITXF, NXTD, SPY, QQQ, DIA, XLI, BGCP, VIRT, JCP, GE, AIR FP.

DAVID SEABURG

Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. Seaburg and Cowen have a financial interest in EDIT.

DAN NATHAN

Dan Nathan is long TWTR, IWM long Sept put, long PYPL call calendar, XOP Sept put spread, BAC long Sept put, long FEZ Nov put spread, long EEM Nov put spread, long FB Sept put spread.

GUY ADAMI

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