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Aircraft In Flight
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Cruising altitude

Shares of the big four airlines take off on news of 90-day tariff pause

Delta, American, United, and Southwest all surged following President Trump’s announcement.

Max Knoblauch

Well that was quick. Shares of the big four US airlines all surged by double digits following the news that the White House will slash reciprocal tariffs for 90 days.

Since the announcement dropped at 1:18 p.m. ET, Delta Air Lines, United Airlines, and American Airlines shares are all up over 20%, and Southwest Airlines has risen over 16%. For Delta, which is up more than 24% as of 2:40 p.m. ET, it marks the biggest daily stock price jump since July 16, 2008, when it was up 26.6%, according to FactSet.

From the market close yesterday, the four carriers have clawed back more than $13 billion in market cap.

Earlier on Wednesday, Delta’s CEO warned that the US could be headed for a recession thanks to uncertainty around trade policy. The airline, which reported earnings today, pulled its full-year guidance; in January, it had said 2025 was shaping up to be its best fiscal year in a century.

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GM has reportedly rehired more than 100 former Cruise employees, 18 months after shuttering the robotaxi unit

GM has rehired more than 100 employees it let go early last year when it shuttered Cruise, its former robotaxi business, according to reporting by The Information.

The hiring spree, which also includes employees from Nvidia and Uber, is geared toward ramping up GM’s plans for personal-use self-driving vehicles and not robotaxis. The former had been the focus of Cruise, prior to GM shuttering it in 2024.

Reporting last fall revealed that GM was attempting to rehire some former Cruise employees, but the scope of that effort wasn’t clear. More than 1,000 employees were laid off when the automaker scrapped Cruise, which it invested $10 billion into.

Google’s Waymo, Cruise’s former chief rival, is now worth $126 billion after a $16 billion funding round earlier this year. The company says it’s serving 500,000 paid robotaxi rides per week in the US.

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Reporting last fall revealed that GM was attempting to rehire some former Cruise employees, but the scope of that effort wasn’t clear. More than 1,000 employees were laid off when the automaker scrapped Cruise, which it invested $10 billion into.

Google’s Waymo, Cruise’s former chief rival, is now worth $126 billion after a $16 billion funding round earlier this year. The company says it’s serving 500,000 paid robotaxi rides per week in the US.

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