Two of the three major U.S. indices closed trading in the green Wednesday, with the Dow Jones Industrial Average being the lone laggard of the day.
The Dow closed the day down 0.17%, or 42 points to 24,659, while the Nasdaq rose 0.72%, or 56 points to 7,782, and the S7P 500 rose 0.18%, or 5 points to 2,767.
U.S. Will Be World's Largest Oil Producer in 2018
The U.S. will overtake Russia as the world's largest oil producer in the next three to four months, Pioneer Natural Resources Chairman Scott Sheffield told CNNMoney Wednesday.
Sheffield expects the U.S. to produce more than 11 million barrels per day by the fall. The U.S. currently produces 10.3 million barrels a day compared to the 10.6 billion Russia produces and the 10.1 million Saudi Arabia produces.
U.S. oil production surpassed The Kingdom's earlier this year.
Tesla Sues Ex-Employee Accused of Sabotage
Tesla (TSLA) filed a lawsuit Tuesday accusing Martin Tripp, a former technician at the company's Gigafactory in Nevada, of unlawfully hacking into the company's "confidential and trade secret information and transferred that information to third parties."
"Tesla has only begun to understand the full scope of Tripp's illegal activity, but he has thus far admitted to writing software that hacked Tesla's manufacturing operating system ('MOS') and to transferring several gigabytes of Tesla data to outside entities," the lawsuit reads.
Those outside entities include media outlets, which were provided with false claims about the company's operations, according to the lawsuit.
Boeing Wins $6 Billion Order from FedEx
The delivery of the aircraft is expected between fiscal 2021 and 2025.
In addition, FedEx ordered a dozen 767 freighters for delivery between fiscal 2020 and 2022 amid the company's 20% increase in the production of those aircraft.
The total value of those two orders is about $6.6 billion.
Honolulu Mayor Vetoes Bill That Would Cap Ride Hailing Surge Pricing
The mayor of Honolulu has vetoed a bill that would have put a cap on the surge pricing ride-hailing service drivers can charge their passengers.
Mayor Kirk Caldwell vetoed the bill, which passed the City Council by a 6-3 vote earlier this month.
Uber, Lyft and other ride-hailing companies opposed the bill while taxi companies lauded the bill as necessary.
Ford, VW Mull Partnership
American motor company Ford (F) and German automaker Volkswagen (VLKAY) are considering an alliance that could include co-developing commercial vehicles, according to a joint statement released by the two companies Wednesday.
"Ford is committed to improving our fitness as a business and leveraging adaptive business models - which include working with partners to improve our effectiveness and efficiency," Jim Farley, Ford's president of global markets, said in the statement. "This potential alliance with the Volkswagen Group is another example of how we can become more fit as a business, while creating a winning global product portfolio and extending our capabilities."
Ford has been public about its plans to slash costs in the coming years, including a plan to jettison its sedans by the next decade.
U.S. futures were rising ahead of Wednesday's opening bell Wednesday.
Dow futures were rising 0.32%, indicating an open 79 points higher, while S&P futures were rising 0.17%, indicating an open 5 points higher, and Nasdaq futures were up 0.2%, indicating an open 14 points higher.
World markets were equally positive Wednesday morning with the three major Asian markets all finishing trading in the green. The Shanghai Composite rose 0.27%, while the Hang Seng gained 0.9%, and the Nikkei jumped 1.24%.
In Europe, the major markets were led by the FTSE 100, which gained 0.8%, while the DAX rose 0.12%, and the CAC 40 gained 0.2% with about four hours left in trading Wednesday.