The S&P 500, as tracked by the S&P 500 ETF (SPY) - Get Report , fell slightly Friday on concerns of a Federal Reserve interest rate hike in December. Why? Because the October labor report showed a jobs gain of 271,000, vastly ahead of economists' expectations of 180,000. 

On CNBC's "Fast Money" program, Steve Grasso, director of institutional sales at Stuart Frankel, said investors are almost being "forced to buy financials" as many big funds are underweight the sector. He does not expect energy to perform well going forward, contrary to historical patterns of a rising rate environment. 

David Seaburg, managing director and head of sales trading at Cowen and Co., agreed that financials may move higher in the short-term, while REITs and utilities get sold off. However, as long as utility rates and REIT rents are rising faster than interest rates, the two sectors should do well going forward. 

Rising interest rates should lead to rally in the U.S. dollar, according to Brian Kelly, founder of Brian Kelly Capital. So what stock benefits from a stronger dollar -- due to its mostly domestic exposure -- and benefits from an improving labor market? Kelly's answer: Home Depot (HD) - Get Report

While the dollar may rally, Tim Seymour, managing partner of Triogem Asset Management, said the worst is likely over for energy stocks. The same goes for emerging markets. While a stronger dollar and higher rates are bad for emerging markets, Seymour said the sector is likely to rally after the first hike, which seems priced into the asset. 

One group he expects to continue performing poorly is gold and gold miners.

"We're still very bullish on stocks," said Tom Lee, managing partner and head of research at Fundstrat Global Advisors. Last month he said investors shouldn't panic and should buy stocks. The S&P 500 is up 11% since that call. 

Contrary to what many investors think, the dollar actually tends to weaken when the Fed begins to raise rates, he said. This will have a positive impact on U.S. earnings going into 2016. As for emerging markets, Lee is modestly bullish, saying global and Chinese PMI data seem to have bottomed, as the global economy is starting to improve.

The conversation turned to two big Chinese Internet stocks, as Alibaba Group Holding  (BABA) - Get Report fell 2% and JD.com (JD) - Get Report climbed 3.1% Friday following comments from hedge fund manager Jim Chanos. He called Alibaba a short due to accounting concerns, while JD is a buy as a hedge against the Alibaba position. 

Seymour cautioned investors that a "pairs trade" like this can be dangerous with emerging market stocks, because they tend to be quite volatile. With that being said, he likes Alibaba on the long side -- despite the company's foggy transparency - and reminded investors that Single's Day on Nov. 11 is poised to do very well for Alibaba. 

Rather than gamble on Alibaba, Grasso said he would rather buy Amazon (AMZN) - Get Report . Seaburg agreed, saying the stock seems likely to go "much higher." However, Seaburg also likes Alibaba and Netflix (NFLX) - Get Report

Kelly is not a buyer of Amazon, but finds Alibaba attractive as China shifts from an export economy to a consumer-driven economy.

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