KEY POINTSWhile acknowledging that progress has been made, the central bank leader said inflation is still above where policymakers feel comfortable.The speech resembled remarks Powell made last year at Jackson Hole, during which he warned that “some pain” was likely as the Fed continues its efforts to pull runaway inflation back down to its 2% goal.Federal Reserve Chair Jerome Powell on Friday called for more vigilance in the fight against inflation, warning that additional interest rate increases could be yet to come.While acknowledging that progress has been made, the central bank leader said inflation is still above where policymakers feel comfortable. He noted that the Fed will remain flexible as it contemplates further moves, but gave little indication that it’s ready to start easing

U.S. index futures swung between gains and losses on Wednesday as investors turned cautious ahead of Federal Reserve Chairman Jerome Powell's congressional testimony, while Tesla gained as Texas requires charging stations to include its plug.Market SnapshotAt 8:20 a.m. ET, Dow e-minis were down 13 points, or 0.04%, S&P 500 e-minis were down 3 points, or 0.07%, and Nasdaq 100 e-minis were down 24 points, or 0.16%.Pre-Market Movers$NIO(NIO)$, $XPeng(XPEV)$, $Li Auto(LI)$ — Chinese EV ADRs jumped in premarket trading. NIO, XPeng, and Li Auto rose between 2% and 3%. China extended tax breaks for consumers buying clean cars through 2027, estimated to b

This week, the AI war is heating up! Elon Musk announced the debut of a new AI company, xAI, with the goal to “understand the true nature of the universe.” Additionally, Nvidia jumped to a record high after an interesting $50 million investment in biotech firm Recursion Pharmaceuticals. Let's delve into some of the most significant stories this week.Elon Musk Says xAI Will Use Twitter Data and Work With TeslaElon Musk on Friday said his new artificial intelligence company, xAI, will use public tweets from $Twitter(TWTR)$ to train its AI models and work with Tesla on AI software.The billionaire, who owns Twitter and runs Tesla , said during a Twitter Spaces audio chat that a relationship between his companies would have "mutual benefit" and could a

Energy ETFs dominated 2022’s top funds. The top-performing ETF, once you filter out leveraged and inverse products, was $iShares MSCI Turkey ETF(TUR)$ with a monster return of 105.81% through Dec. 31.Turkey’s lira plummeted during the year while inflation soared as high as 80%. However, that was what drove the stock market’s outstanding performance, as domestic investors plowed in assets to hedge against skyrocketing prices.Despite its outsized returns, U.S. investors aren’t taking the bait, and the fund has seen $82.8 million in outflows year-to-date. Indeed, a recentBloomberg articlenotes that foreign ownership of Turkish stocks hit record lows.The top performers are energy related with one exception. The $2.6 billion 

Twitter shares jumped 2% in premarket trading as Twitter, under shareholder pressure, begins deal talks with Musk. Twitter Inc kicked off deal negotiations with Elon Musk on Sunday after he wooed many of the social media company's shareholders with financing details on his $43 billion acquisition offer, people familiar with the matter said. The company's decision to engage with Musk, taken earlier on Sunday, does not mean that it will accept his $54.20 per share bid, the sources said. It signifies, however, that Twitter is now exploring whether a sale of the company to Musk is possible on attractive terms, the sources added. Musk, chief executive of electric car giant Tesla Inc, has been meeting with Twitter shareholders in the last few days, seeking support for his bid. He

Sea shares surged 11% as sales beat estimate. Sea Q3 EPS $(0.66) beats $(1.09) estimate, sales $3.20b beat $3.00b estimate. $Sea Ltd(SE)$