TLDR

MARKET RECAP → Stocks declined on Tuesday as investors closed out a strong year in which the S&P 500 (VOO) posted its second consecutive annual gain of over 20%, driven by optimism around rate cuts, economic resilience, and advancements in artificial intelligence.

NYC CONGESTION PRICING SET TO BEGIN DESPITE LEGAL PUSHBACK →  NYC’s congestion pricing will begin on January 5th. The plan is to cut traffic by 10% and fund transit upgrades, despite ongoing opposition from New Jersey over environmental concerns.

FINAL MADOFF PAYOUT REACHES 94% RECOVERY → 🏛️ The DOJ’s last Madoff fund disbursement brings total victim recovery to $4.3 billion, covering 94% of losses from the largest Ponzi scheme in history.

Was this email forwarded to you? Sign up for free here.

On the move? Subscribe to our daily podcast here.

MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Holiday SZN

TODAY’S TOP NEWS

NYC Congestion Pricing Set to Begin Despite Legal Hurdles

🚗 Congestion Pricing Clears Legal Block: NYC’s congestion pricing program, charging peak tolls of $9, is set to start January 5th. A federal court ruled against New Jersey’s environmental lawsuit, enabling the MTA to proceed, though the FHWA must address specific questions by January 17th.

💰 Billions for Public Transit: Expected to reduce vehicle traffic by 10%, the program will generate billions in revenue to modernize NYC’s public transit system. Discounts for off-peak hours will lower tolls to $2.25, aiming to balance traffic flow and accessibility.

⚖️ States Clash Over Impact: New York hailed the ruling as a win for regional commuters, while New Jersey vowed to continue fighting, citing environmental and economic concerns. Despite opposition, Governor Hochul and the MTA are moving forward, framing it as a necessary step for sustainable urban transit.

TODAY’S TOP NEWS

Final Madoff Payout Reaches 94% Recovery

🏛️ Final Victim Fund Disbursement: The Department of Justice began the 10th and last payout from the Madoff Victim Fund, distributing $131 million to over 23,000 victims worldwide. In total, more than $4.3 billion has been returned to over 40,000 victims across 130 countries—covering 94% of the estimated Ponzi scheme losses.

💰 Key Recovery Sources: The fund's largest contributions came from $2.2 billion recovered from Jeffry Picower’s estate and $1.7 billion from JPMorgan Chase through a 2014 settlement. Additional funds stemmed from actions against Madoff, his co-conspirators, and other investors tied to the scheme.

📜 Legacy of Fraud: Bernie Madoff orchestrated the largest Ponzi scheme in history, defrauding investors of billions over four decades. Convicted in 2009, he was sentenced to 150 years in prison and died in 2021. The victim fund concludes a historic effort to compensate those affected by his financial crimes.

BULL VS. BEAR

NOTABLE POSTS

KEEP READING

Silicon Valley’s turn of fortune: Intel has worst year ever, while Broadcom enjoys record gain (CNBC)

U.S. Treasury says its computers were hacked by a Chinese ‘threat actor’ in a ‘major incident’ (CNBC)

Alibaba slashes prices on large language models by up to 85% as China AI rivalry heats up (CNBC)

What to expect for gas prices in 2025 (CNN)

Walmart’s version of the Hermès Birkin has taken over the internet (CNN)

MoneyLion has teamed up with Beast Games to give MoneyLion users a chance at game-changing cash (ML)

What Is Fintertainment? (ML)

Trust Issues and Saying “No” to a Million Dollars (ML)

Will You Get a $1,400 Tax Stimulus Check? Here’s What You Need to Know — Plus More Tips to Maximize Your Tax Refund (ML)

Subscribe to our daily podcast

WHAT WE’RE WATCHING

OUR FAVORITE TOOLS & RESOURCES

• OpenBB — AI-powered research and analytics workspace

• Earnings Hub — Earnings calendar

• Quiver Quantitative — Quiver allows retail investors to tap into the power of big data with insights into things like congressional trades as they are disclosed

• Perplexity — Perplexity AI is an AI-chatbot-powered research and conversational search engine

• The Market Ear — Live news, analysis and commentary on what moves markets and trading

• Coinmarketcap.com — Crypto market data

• Finviz — Financial visualizations

• Trading Economics — Economic calendar

• CME FedWatch Tool — Market-implied probabilities of future levels of interest rates 

• Dataroma — Track stock picks and portfolios of legendary value investors such as Warren Buffett

• ChatGPT — Large language model-based chatbot powered by generative AI

• Vimcal — Lightning-fast calendar and AI scheduling assistant

^{_{The Bull vs. Bear Merchandise Promotion is a limited time campaign that begins on December 1, 2023 at 12:00 AM ET and ends on the date that there are no more Rewards. This Promotion is available to any registered MoneyLion user who is a legal resident of the 50 United States or the District of Columbia and who has reached the age of majority in their state as of the beginning of the Promotional Period. See terms and conditions here.}}

<sup><sub>This advertising email was sent to you because you have a MoneyLion account. If you would like to unsubscribe, please do so using this link. We respect your right to privacy. Please do not reply to this email with sensitive information, such as an account number, Social Security number, date of birth, bank account information, PIN, password, or Online ID. The security and confidentiality of your personal information is important to us. If you have any questions or want to read more, please visit our Help Center.

MoneyLion and Pathward do not provide, nor do they guarantee, any third-party product, service, information, or recommendation. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. MoneyLion is not liable for any third party’s failure with regard to those advertised products, services, and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, and may be subject to a different privacy policy than MoneyLion’s. You should check individual offers, products, and services to become familiar with any applicable restrictions or conditions that may apply. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.

The influencer, creator and other content provided in the MoneyLion App (“Content”) is for informational and entertainment purposes only and should not be construed as legal, tax, investment, financial, or other advice. All Content is intended to be of a general nature, does not address the circumstances of any particular individual or entity, and may not constitute a comprehensive or complete statement of the matters discussed. MoneyLion is not a fiduciary by virtue of any person’s use of or reliance on the Content. You should consult an appropriate professional if you require any legal, tax, investment, financial or other advice. Terms and Conditions for our subscriber referral can be found here.</sub></sup>