TheStreet’s J.D. Durkin brings you the biggest news of the day, including the ongoing earnings parade and the final verdict in Sam Bankman-Fried’s criminal trial.
Category
🥇
SportsTranscript
00:00 I'm JD Durkin reporting from the New York Stock Exchange and here is a look at what
00:03 we are watching on the street today.
00:05 Wall Street is digesting the weaker than expected October jobs report.
00:09 The U.S. economy adding 150,000 jobs last month under the expected 170, while the unemployment
00:16 rate ticked up to 3.9 percent, just slightly above expectations.
00:21 While the report came in lower than anticipated overall, these are signs of cooling in the
00:26 labor market and that's exactly what the Federal Reserve wants to see.
00:29 Meanwhile, investors are also reacting to Apple's third quarter earnings.
00:33 We got them after the bell yesterday.
00:35 While the company beat analyst expectations, the tech giant saw its sales decline and gave
00:39 a weak revenue outlook for the December quarter.
00:42 In other news and big news at that, Sam Bankman-Fried has been found guilty for his role in the
00:47 demise of FTX.
00:49 The former CEO was found guilty on all seven counts of fraud and conspiracy.
00:53 Of the verdict, U.S. Attorney General Merrick Garland said, "This case should send a clear
00:58 message to anyone who tries to hide their crimes behind a shiny new thing they claim
01:02 no one else is smart enough to understand.
01:05 The Justice Department will hold you accountable."
01:08 FTX was one of the largest digital currency exchange platforms and at its peak was worth
01:13 more than $30 billion.
01:16 But the crypto empire crumbled quickly with Bankman-Fried using customer funds for personal
01:20 purchases as well as covering up bad business decisions.
01:24 Prosecutors claim more than $8 billion of FTX customers' money has gone missing.
01:29 Sam Bankman-Fried will be sentenced on March 28, 2024.
01:33 He faces up to 110 years in prison.
01:36 That will do it for your daily briefing.
01:37 From the floor of the New York Stock Exchange, I'm J.D. Durkin with The Street.
01:41 Thanks for watching.
01:41 [Street noise]
01:43 [BLANK_AUDIO]