📈 Stocks / Finance

Big banks challenge Fed stress tests' transparency

CNBC

Major banks and trade groups, including JPMorgan and the ABA, sued the Federal Reserve over its stress test framework, citing legal violations and lack of transparency. The Fed plans changes but asserts capital rules won't shift significantly. Critics argue reforms remain insufficient.

Lucid rises on merger speculation

The Motley Fool

Lucid stock jumped 4.2% after CEO Peter Rawlinson suggested partnerships with traditional automakers could cut costs. News of a Honda-Nissan merger fueled speculation. While Lucid's market cap is $10B, it remains unprofitable, producing just 9,000 vehicles annually, underscoring its challenges.

Tech stocks drive S&P 500 rally on Christmas Eve

Yahoo Finance

The S&P 500 gained 1.1% in a shortened trading session, led by Tesla's 7.4% surge on strong EV delivery forecasts and AI potential. Broadcom rose 3.2% on boosted AI revenue projections, while Starbucks climbed 2.8%. Walgreens and Celanese lagged, each dropping 1.2% due to sector-specific pressures.

🪙 Crypto

IRS Clarifies Crypto Staking Rewards Are Taxable Amid Legal Dispute

Bitcoinist

The IRS reaffirmed that crypto staking rewards are taxable as income upon receipt, dismissing claims that rewards represent 'new property.' This stance, part of a legal case involving Tezos stakers, has broad implications for proof-of-stake blockchain taxation in the US.

🌎 Global Economy

Taiwan faces sustainability challenge with chip dominance

Al Jazeera

Taiwan’s semiconductor industry, contributing 25% of GDP, grapples with sustainability. TSMC uses 8% of the island's electricity, driving emissions and energy demands amid AI growth. Renewable energy lags, complicating global buyer mandates for greener operations. Local reforms are critical.

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