Morning Business Report: Santa Claus Rally, new prediction markets, and last-minute 2025 tax moves
Investors are heading into the final trading days of the year with optimism, as markets often see what’s known as the “Santa Claus Rally.”
(LILAMAX)- Investors are heading into the final trading days of the year with optimism, as markets often see what’s known as the “Santa Claus Rally.” The late-December bump is typically fueled by holiday spending, year-end bonuses, and renewed confidence in the year ahead.
In the sports and finance world, DraftKings is expanding beyond traditional wagering with the launch of a new prediction market. The sportsbook will allow users to trade contracts tied to sports and financial events, with the app rolling out in 38 states. According to Front Office Sports, the prediction-market sector could grow to one trillion dollars in trading volume by 2030.
Meanwhile, Tesla is turning to its own workforce to meet rising demand for robo-taxis. The electric-vehicle maker is offering extra pay and recruitment bonuses to sales staff and factory workers willing to serve as AI operators. These workers actively monitor robo-taxis operating in “Full Self-Driving” mode. According to Business Insider, operators are needed in Las Vegas, Phoenix, and San Francisco, where rider wait times have increased.
As the year winds down, financial experts say there are just ten days left to make key decisions that could affect 2025 taxes. Workers with employer-sponsored retirement plans are encouraged to max out contributions to reduce taxable income. Roth IRA conversions may also make sense for those earning less this year or expecting higher tax rates in the future.
Homeowners hoping to claim energy-efficient tax credits must complete qualifying upgrades — such as new windows or heat pumps — and have them in service by year’s end. Investors whose portfolios lost value in 2025 may consider tax-loss harvesting to offset taxable income, while qualified charitable donations made before December 31 remain deductible.
Experts also recommend reviewing paycheck withholdings now to avoid surprises by April 15, and consulting a tax professional to ensure all year-end strategies are properly applied.
