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It may be a very Merry Christmas for one lucky Powerball winner. The Christmas Eve Powerball jackpot is accumulating like a snowball tumbling down an epic sledding hill. The total is now so large, it’s a number rarely attainable even for high-stakes gamblers. The prize has continued to grow after five drawings worth at least $1 billion went unclaimed with no ticket matching all six numbers. According to the Powerball website, that makes the current prize of around $1.7 billion the fourth-largest in Powerball history. It’s also the longest the game has ever gone without a winner. Much like the holidays, Powerball is a game that brings people together to dream big and hope for a brighter future, said Matt Strawn, Powerball product group chair and Iowa Lottery CEO. We hope this growing jackpot inspires excitement and joy and, most importantly, good will to all. A portion of every ticket helps support programs and services that benefit local communities. The next drawing takes place on Christmas Eve at 10:59 p.m. EST. And while it’s rare, a winner could claim the grand prize this very night. It happened once before, on December 24, 2011. Historically, Christmas Day has been a bit merrier for Powerball players, with four winners over the years having claimed the jackpot on December 25in 1996, 2002, 2010, and 2013. Not quite a billionaire Still, even if a lucky Powerball player’s Christmas wish came true (and what a wish!), that doesn’t mean they’ll have $1.7 billion in the bank when its all said and done. According to Powerball, after federal taxes the lump-sum prize will have an estimated cash value of $781.3 million. But that’s before state taxeswhich vary widely across the countrycome into play. Some states take a hefty portion of lottery winnings: In Maryland, the tax rate is 9.5%; in New York, its 8.82%; while New Jersey takes 8%. Washington, D.C., imposes the highest tax on lottery prizes: a whopping 10.75%. On the other end of the spectrum, a winner in Arizona would have to turn over just 2.5% of the prize to the state. Indiana and Louisiana take 3% and North Dakota takes 3.9%. A handful of locations won’t take a dime of the winnings. If you live in California, South Dakota, Washington, New Hampshire, Texas, Wyoming, Tennessee, or Puerto Rico, the jackpot is yours to keep after federal taxes are imposed. Therefore, after all the taxes are sliced off the top, the final takeaway could range from $492,261,980 for locations with no state tax down to $408,272,230 for Washington, D.C. While no one has walked away with the grand prize just yet, nine tickets in the most recent drawing matched five numbers, earning $1 million prizes: one each in Florida, Georgia, Illinois, Ohio, Pennsylvania, Tennessee, and Wisconsin, and two in New York. That drawing produced 28 tickets eligible for $100,000 in winnings, and more than 100 tickets worth $50,000. Hardly a Dollar Store stocking stuffer!
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E-Commerce
The S&P 500 hit a record high on Wednesday, with broad gains across sectors supporting the main indexes during a shortened Christmas Eve session. The benchmark S&P 500 touched an intraday record high of 6,921.42 points, surpassing its previous peak in October, as investors continued to bet on more interest rate cuts from the Federal Reserve next year following mixed economic data. The U.S. economy grew at its fastest pace in two years in the third quarter, government data showed on Tuesday, after the release was delayed by a 43-day federal shutdown. Worsening consumer confidence in December and a flat reading on November factory production, however, tempered the outlook. Data on December 24 showed new applications for U.S. jobless benefits unexpectedly fell last week. “Despite ongoing seasonal volatility, initial jobless claims remain in ranges consistent with relatively steady labor market conditions and don’t change our outlook for the labor market or Fed policy,” said Nancy Vanden Houten, lead economist at Oxford Economics. Trading volumes were thin, with U.S. stock markets set to close at 1 p.m. ET (1800 GMT) on Wednesday. The markets will remain shut on Thursday for Christmas. Micron Technology jumped 4% to scale a record high, extending its rally after issuing a strong forecast last week. Bank stocks were also among the top boosts to the S&P 500, with financials rising 0.4% to a new peak. Recent gains in U.S. stocks have spurred hopes of a “Santa Claus rally,” a seasonal phenomenon where the S&P 500 posts gains in the last five trading days of the year and the first two in January, according to Stock Trader’s Almanac. That period began on December 24 and would run through January 5. At 10:36 a.m. ET, the Dow Jones Industrial Average rose 167.50 points, or 0.35%, to 48,610.95. The S&P 500 gained 10.24 points, or 0.15%, to 6,920.24, while the Nasdaq Composite lost 2.48 points, or 0.01%, to 23,558.35. U.S. equities have swung sharply this year as tariff-related headlines, concerns about high valuations in technology and AI companies, and rapidly shifting interest-rate expectations boosted volatility. Wall Street’s “fear gauge” was hovering near its lowest since December 2024. Still, the bull market, which began in October 2022, stayed intact as optimism around AI, rate cuts, and a resilient economy supported sentiment, with all three main indexes set for their third straight yearly gain. In the year ahead, global markets will be closely watch potential successors to Fed Chair Jerome Powell, after President Donald Trump said on Tuesday anyone who disagrees with him would “never be the Fed chairman.” Nike climbed 4.7% after Apple CEO Tim Cook, the sportswear giant’s lead independent director, bought about $3 million worth of shares. Intel fell 1.6% following a report that said Nvidia has halted tests to manufacture on Intel’s 18A chipmaking node after initial tests. Dynavax Technologies surged 38.5% after French drugmaker Sanofi said it would buy the U.S. vaccines company for around $2.2 billion. Advancing issues outnumbered decliners by a 1.69-to-1 ratio on the NYSE and by a 1.33-to-1 ratio on the Nasdaq. The S&P 500 posted 11 new 52-week highs and two new lows, while the Nasdaq Composite recorded 43 new highs and 117 new lows. By Sruthi Shankar and Shashwat Chauhan, Reuters
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E-Commerce
The European Union, France, and Germany condemned U.S. visa bans on five Europeans combating online hate and disinformation on Wednesday, after President Donald Trump‘s administration took its latest swipe at long-standing allies across the Atlantic. Washington imposed visa bans on Tuesday on five European citizens, including French former EU commissioner Thierry Breton. It accuses them of working to censor freedom of speech or unfairly target U.S. tech giants with burdensome regulation. The bans mark a fresh escalation against Europe, a region Washington argues is fast becoming irrelevant due to its weak defences, inability to tackle immigration, needless red tape, and “censorship” of far-right and nationalist voices to keep them from power. Europeans forces to rethink Transatlantic ties They come just weeks after a U.S. National Security Strategy document warned Europe faced “civilizational erasure” and must course-correct if it is to remain a reliable U.S. ally. That documentand other comments by senior Trump officials, including a bombshell February speech by Vice President JD Vance in Munichhave upended postwar assumptions about Europe’s close relationship with its strongest ally, and concentrated minds across European capitals on the urgent need to diversify away from reliance on U.S. technology and defence. In Brussels, Paris, and Berlin, senior officials condemned the U.S. bans and defended Europe’s right to legislate on how foreign companies operate locally. A European Commission spokesperson said it “strongly condemns the U.S. decision”, adding: “Freedom of expression is a fundamental right in Europe and a shared core value with the United States across the democratic world.” The spokesperson said the EU would seek answers from Washington, but said it could “respond swiftly and decisively” against the “unjustified measures”. French President Emmanuel Macron, who has been travelling across France to warn about the dangers that disinformation poses to democracy, said he had spoken with Breton and thanked him for his work. “We will not give up, and we will protect Europe’s independence and the freedom of Europeans,” Macron said on X. DSA angers DC Breton, a former French finance minister and the European commissioner for the internal market from 2019 to 2024, was one of the architects of the EU’s Digital Services Act. A landmark piece of legislation, the DSA aims to make the internet safer by compelling tech giants to do more to tackle illegal content, including hate speech and child sexual abuse material. But the DSA has riled the Trump administration, which accuses the EU of placing “undue” restrictions on freedom of expression in its efforts to combat hateful speech, misinformation, and disinformation. It also argues that the DSA unfairly targets U.S. tech giants and U.S. citizens. Trump officials were particularly upset earlier this month when Brussels sanctioned Elon Musk’s X platform, fining it 120 million euros for breaching online content rules. Musk and Breton have often sparred online over EU tech regulation, with Musk referring to him as the “tyrant of Europe”. Breton, the most high-profile individual targeted, wrote on X: “Is McCarthy’s witch hunt back?” Germany says bans on activists ‘unacceptable’ The bans also targeted Imran Ahmed, the British CEO of the U.S.-based Center for Countering Digital Hate; Anna-Lena von Hodenberg and Josephine Ballon of the German non-profit HateAid; and Clare Melford, co-founder of the Global Disinformation Index, according to U.S. Under Secretary for Public Diplomacy Sarah Rogers. Germany’s justice ministry said the two German activists had the government’s “support and solidarity” and the visa bans on them were unacceptable, adding that HateAid supported people affected by unlawful digital hate speech. “Anyone who describes this as censorship is misrepresenting our constitutional system,” it said in a statement. “The rules by which we want to live in the digital space in Germany and in Europe are not decided in Washington.” Britain said it was committed to upholding the right to free speech. “While every country has the right to set its own visa rules, we support the laws and institutions which are working to keep the internet free from the most harmful content,” a British government spokesperson said in a statement. A Global Disinformation Index spokesperson called the visa bans “an authoritarian attack on free speech and an egregious act of government censorship.” “The Trump Administration is, once again, using the full weight of the federal government to intimidate, censor, and silence voices they disagree with,” they said. “Their actions today are immoral, unlawful, and un-American.” Breton is not the first French person to be sanctioned by the Trump administration. In August, Washington sanctioned French judge Nicolas Yann Guillou, who sits on the International Criminal Court, for the tribunal’s targeting of Israeli leaders and a past decision to investigate U.S. officials. Sudip Kar-Gupta, Gabriel Stargardter, Sarah Marsh, and Sam Tabahriti, Reuters
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E-Commerce
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