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Stock futures fell ahead of a day filled with major earnings reports from tech giants like Amazon and Apple, alongside the release of the September personal consumption expenditures price index. Starbucks CEO Brian Niccol announced a strategic overhaul after the company reported a 3% drop in net sales, attributing the decline to weakened demand in the U.S. and China. In economic news, U.S. GDP grew at a 2.8% annualized rate, driven by strong consumer spending, while Microsoft and Meta reported mixed quarterly results, with Microsoft’s stock slipping over 3% despite beating earnings expectations. Former FTX executive Nishad Singh received three years of supervised release for his role in the company's fraud, significantly less than the maximum sentence he faced, highlighting his cooperation with authorities.
Nishad Singh, former head of engineering at FTX, received no jail time but was sentenced to three years of supervised release and ordered to forfeit $11 billion for his role in the crypto fraud. His cooperation with authorities was deemed significant, leading to a lighter sentence compared to other FTX executives. Singh expressed remorse in court, acknowledging his straying from personal values while highlighting his assistance in the investigation.
Nishad Singh, a former executive at FTX, has been spared prison time for his involvement in the theft of approximately $8 billion in customer funds orchestrated by his former boss, Sam Bankman-Fried. Singh previously shared a $35 million penthouse in the Bahamas with Bankman-Fried.
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stock futures decline as earnings reports and inflation data loom
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12:26 31.10.2024
nishad singh receives no jail time in ftx fraud case
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21:33 30.10.2024
former ftx executive spared prison for role in customer funds theft
21:24 30.10.2024
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