MARKET RECAP → Stocks moved higher Friday to close out the best week of performance for stocks all year. The softer October jobs data whipped up optimism of the likelihood that the Fed will need to take its foot off the gas, and stocks love it.
CRYPTO KING CONVICTED → 👑 In a verdict quicker than a crypto crash, Sam Bankman-Fried faces a century-plus jail stint for a fraud saga that turned his crypto empire into a house of cards.
JOBS GROWTH SLOWS DOWN → 📊 October’s jobs report played ‘hard to get’ with economists, delivering a lukewarm payroll bump and a slight uptick in unemployment, hinting the Fed might put its rate hike hustle on ice.
Head of Investor Relations @ MoneyLion
⚖️ Sam Bankman-Fried, FTX founder, was found guilty on all seven criminal fraud counts, facing up to 115 years in prison for one of the “biggest financial frauds in American history,” involving wire fraud, securities and commodities fraud, and money laundering.
🏛️ The trial showcased a dramatic turn of former allies as key witnesses, with Bankman-Fried’s own testimony claiming ignorance of fraud, but the jury swiftly returned a guilty verdict, reflecting the gravity of a $10 billion customer fund misappropriation.
📉 As Bankman-Fried awaits sentencing, his downfall serves as a stark reminder of the risks in the volatile crypto market and a warning to those who attempt to outsmart the system, echoing the recent high-profile conviction of Theranos’ Elizabeth Holmes.
📉 The U.S. job market’s growth cooled in October, with nonfarm payrolls increasing by only 150,000—missing the expected 170,000 mark—largely due to the United Auto Workers strikes, which led to a net loss in manufacturing jobs.
📊 The unemployment rate ticked up to 3.9%, the highest since January 2022, with a notable decline of 348,000 workers in employment and a slight decrease in labor force participation to 62.7%, signaling a potential easing of the Federal Reserve’s aggressive stance against inflation.
💵 Average hourly earnings rose modestly by 0.2% for the month, and the average workweek decreased slightly, while markets responded optimistically, dialing down the likelihood of a rate hike in December to a mere 10%.
Amazon founder Jeff Bezos is leaving Seattle for Miami (CNBC)
Starz to lay off more than 10% of employees ahead of Lionsgate spinoff (CNBC)
Paramount Global stock up double digits for second straight day (CNBC)
Elon Musk sees an AI future where ‘no job is needed’ (CNN)
Walgreens is canceling corporate bonuses as big pharmacies face increasing difficulties (CNN)
Burger King jumped on the vegan burger bandwagon, but sales aren’t exactly sizzling: ‘It’s not a big part of the current focus’ (Fortune)
And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife)
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