New Post

Good morning. US stock futures dipped in Friday morning trading as Wall Street looked ahead to the latest jobs report and unemployment numbers.

🔚 End of the road for SBF after guilty verdict

📝 Our report: 

 🔑 Key points: In the crypto courtroom drama of the century, FTX co-founder Sam Bankman-Fried was found guilty by a federal jury in Manhattan on charges that he defrauded customers, lenders and investors, causing the largest crypto company collapse in history. 

• Jury members deliberated for a period of hours after Bankman-Fried’s criminal charges wrapped up.

• Bankman-Fried faces even more potential charges as he’s set for a separate trial that alleges he committed bank fraud and attempted to bribe Chinese government officials.

• The fallen crypto wunderkind was found guilty on seven criminal charges including wire fraud and money laundering.

💡 So what: The crypto industry has seen its fair share of scandals, collapses and bankruptcies in the post-pandemic era. A guilty verdict signals that attempts might be underway to clean up the industry and keep players in the space honest and aware of consequences for illegal conduct.

 Friday - US Unemployment Rate

💰This is when you should get a financial advisor

💳 Amazon steps up with BNPL for small businesses

🚙 Ride-sharing companies settle with NYC drivers

🪧 Las Vegas casino workers gear up to strike

WHAT: Prepare for the ultimate Vegas showdown! 35,000 hospitality workers are threatening to roll the dice and take a stroll down the picket line if casino bigwigs MGM, Wynn and Caesar’s don’t ink a new labor deal by the second Friday in November.

WHY: The Las Vegas unions, considered among the most powerful in the US, are demanding higher wages, stronger protections against new technology that may threaten jobs, as well as improved safety for workers.

🛍️ Amazon shutters style apparel business

WHAT: Amazon is doing a quick wardrobe change, closing its physical clothing stores after just 17 months in operation. The company said the move was in part to allow them to focus on their online shopping experience while also devoting resources to expanding their grocery store network.

WHY: The e-commerce giant last year closed most of its Amazon-brand physical stores, including bookstores, a variety mart called Amazon 4-Star and mall pop-up kiosks.

💰 Finance firms take legal swipe at SEC over new regulations

WHAT: Hedge funds and private equity firms are giving the US Securities and Exchange Commission (SEC) a run for its money, claiming the financial industry regulator lacks the authority to impose new restrictions it rolled out in August. In a US Court of Appeal filing trade groups including the American Investment Council, and Managed Funds Association said the SEC did not properly weigh the costs and benefits of regulations.

WHY: The groups also allege that the SEC failed to adequately calculate the cumulative effect of all its recently finalized and still pending rules, many of which directly affect private funds.

✏️ DMB Insider Quiz ✏️

🧑‍💻 We read your emails and poll replies daily.

Hit reply and let us know what you want more of!

See ya next time, Daily Market Briefs