TheStreet's J.D. Durkin brings the latest business headlines from the floor of the New York Stock Exchange as markets open for trading Friday, November 3.
Full Video Transcript Below:
J.D. DURKIN: I'm J.D. Durkin, reporting from the New York Stock Exchange. Here's what we're watching on TheStreet today.
Wall Street is digesting the weaker than expected October jobs report. The U.S. economy added 150,000 jobs last month, under the expected 170,000, and the unemployment rate ticked up to 3.9 percent, just above expectations. While this report came in lower than anticipated, these signs of cooling in the labor market are exactly what the Federal Reserve wants to see.
Meanwhile, investors are also reacting to Apple's third-quarter earnings. While Apple beat analyst expectations, the tech giant saw its sales decline and gave a weak revenue outlook for the December quarter.
In other news, Sam Bankman-Fried has been found guilty for his role in the demise of FTX. The former CEO was found guilty on all seven counts of fraud and conspiracy.
Of the verdict, U.S. Attorney General Merrick Garland said, "This case should send a clear message to anyone who tries to hide their crimes behind a shiny new thing they claim no one else is smart enough to understand: the Justice Department will hold you accountable."
FTX was one of the largest digital currency exchange platforms and at its peak was worth more than $30 billion. But the crypto empire crumbled quickly, with Bankman-Fried using customer funds for personal purchases, as well as covering up bad business decisions. Prosecutors claimed more than $8 billion of FTX customers' money has gone missing.
Sam Bankman-Fried will be sentenced on March 28, 2024 - he faces up to 110 years in prison.
That'll do it for your daily briefing. From the New York Stock Exchange, I'm J.D. Durkin with TheStreet.
