Major U.S. averages closed Thursday's session up big, shaking off fears induced by the latest round of tariffs on Chinese imports to get back into the green. The Nasdaq closed at a record level Thursday.
The Dow Jones Industrial Average rose 0.91%, or 224 points to 24,925, while the S&P 500 climbed 0.87%, or 24 points to 2,798, and the Nasdaq jumped 1.39%, or 107 points to close at 7,824.
Tesla's $7,500 Tax Credit Is on the Way Out
Tesla (TSLA) shares are down 1.34% Thursday as the company crosses a threshold that excludes it from receiving a government tax credit.
Tesla has surpassed sales of 200,000, so the federal $7,500 tax credit offered to buyers who want to purchase electric vehicles is on its way out.
Owners will still be able to claim the full $7,500 credit on vehicles delivered through the end of the year. Then the credit will be halved to $3,750 until June 30 before being halved again in the second half of 2019.
The credit will be completely phased out for vehicles delivered starting in 2020.
California Is Outperforming Its Own Greenhouse Gas Emission Reduction Goals
California reduced the amount of greenhouse gas it emits by 2.7% to 429.4 million metric tonnes in 2016. The state hadn't expected to reach that level until 2020.
California has a goal of reducing greenhouse gas emissions by 40% by 2030.
The state reached peak emission levels of 493.7 million metric tonnes in 2004 but has since seen its emission levels fall to what it was producing in 1990.
Renewable energy is helping reduce emissions, however, emission levels from vehicles actually rose during the year.
Delta to Reduce Number of Flights Amid Rising Fuel Costs
Delta Air Lines (DAL) is up 1.6% Thursday following its earnings beat, but the company announced plans to reduce service as rising fuel costs eat into profits.
"We have seen early success in addressing the fuel cost increase," said Delta Chief Executive Ed Bastian. "We have positioned Delta to return to margin expansion by year-end."
Delta Air Lines reported a unit-revenue increase of 4.6% year over year. The company expects that metric to increase between 3.5% and 5.5% in the third quarter.
Uber Replaces 100 Self-Driving Car Operators With 'Mission Specialists'
Uber announced that it is laying off 100 self-driving car operators in Pittsburgh and replacing them with 55 "mission specialists," Quartz reported Thursday.
"Our team remains committed to building safe self-driving technology, and we look forward to returning to public roads in the coming months," an Uber spokesperson told CNBC.
The layoffs come months after one of the company's autonomous cars hit and killed a woman in Tempe, Arizona while an operator was sitting in the vehicle with autopilot mode engaged.
The major U.S. markets looked ready to bounce back from a dismal day of trading with futures trading from all three major indices indicating a strong open.
Dow futures were rising 0.76%, indicating an open 188 points higher, while S&P futures were up 0.53%, indicating an open 15 points higher, and Nasdaq futures were up 0.52%, indicating an open 38 points higher.
Asian markets also had a bounce-back session following a new round of tariffs imposed on Chinese exports. The Shanghai Composite jumped 2.16%, while the Nikkei rose 1.17% and the Hang Seng gained 0.6%.
In Europe, the FTSE 100 was up 0.9%, the CAC 40 rose 0.82%, and the DAX in Germany rose 0.58% with about four hours left in trading.