Here's what happened to the stock market on Wednesday

Barclays Explores Moving U.S. Headquarters to NYC’s Hudson Yards

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Barclays Plc is interested in taking office space at Hudson Yards, looking west to replace their U.S. headquarters in Times Square, according to people with knowledge the matter.

The London-based bank is seeking roughly 500,000 square feet of space (46,450 square meters), the people said.

Barclays current U.S. headquarters is at the former Lehman Brothers building in Times Square. Barclays acquired the property as part of a deal to buy part of the investment bank’s U.S. operations in 2008.

A spokesman for Barclays declined to comment.

Office leasing in New York has slumped this year, battered by a pandemic that has kept many corporate workers at home. But there are signs that companies are betting on a return to Manhattan. Facebook Inc. announced a lease in August for the entire office space at the Farley Building, a former post office near Pennsylvania Station.

— With assistance by Stefania Spezzati, and Sridhar Natarajan

Crude Oil Futures Rebound, Settle Notably Higher

Crude oil prices surged higher on Wednesday, rebounding strongly after suffering a terrible setback a session earlier, amid hopes the U.S. inventory data for last week will show a drop in stockpiles.

The official data from U.S. Energy Information Administration (EIA) will be out at 10:30 AM on Thursday, a day later than the usual release time due to a holiday on Monday. The American Petroleum Institute’s weekly oil report will be out later today.

West Texas Intermediate Crude Oil futures for October ended up $1.29 or about 3.5% at $38.05 a barrel.

On Tuesday, WTI Crude futures had lost as much as 7.6% and closed at a 3-month low.

Brent Crude futures were up by about $1.20 or 3% at $40.99 a barrel, after falling over 5% in the previous session.

According to estimates, U.S. crude oil production will likely drop by 870,000 barrels per day to 11.38 million barrels per day this year.

Analysts expect the EIA data to show a decline of about 500,000 barrels in crude stockpiles for the week ended September 4. A survey by S&P Global Platts expects gasoline supplies to have dropped by about 2.5 million barrels and distillates stockpile to have risen by about 300,000 barrels last week.

Although oil prices rose today, concerns about the outlook for energy demand remain due to a continued surge in coronavirus cases in the U.K., Spain and India. The growing number of new cases is raising worries that the economic recovery will be much slower than initially thought.

GameStop Corp. Q2 adjusted earnings Miss Estimates

Below are the earnings highlights for GameStop Corp. (GME):

-Earnings: -$111.3 million in Q2 vs. -$415.3 million in the same period last year.
-EPS: -$1.71 in Q2 vs. -$4.15 in the same period last year.
-Excluding items, GameStop Corp. reported adjusted earnings of -$91.2 million or -$1.40 per share for the period.
-Analysts projected -$1.13 per share
-Revenue: $942.0 million in Q2 vs. $1285.7 million in the same period last year.

Tennis: Daniil Medvedev beats Andrey Rublev to reach US Open semi-finals

NEW YORK (AFP) – Third seed Daniil Medvedev defeated Russian compatriot Andrey Rublev in straight sets to reach the semi-finals of the US Open on Wednesday (Sept 9).

Medvedev overcame his 10th-seeded opponent 7-6 (8/6), 6-3, 7-6 (7/5) in 2hr 27min inside Arthur Ashe Stadium.

Whoopi Goldberg, Eric Idle Among Guests Added To ‘Princess Bride’ Reunion Script Reading

Whoopi Goldberg, Eric Idle, Jason Reitman and Josh Gad are among the guests added to a virtual reunion of The Princess Bride on Sept. 13.

The fundraising event for the Democratic Party of Wisconsin will bring together the original cast for a script reading. They include Cary Elwes as Westly, Robin Wright as Buttercup, Carol Kane as Valerie, Christopher Guest as Count Rugen, Chris Sarandon as Prince Humperdinck, Mandy Patinkin as Inigo Montoya, Wallace Shawn as Vizzini and Billy Crystal as Miracle Max. Patton Oswalt will moderate a Q&A afterward.

Rob Reiner, who directed the 1987 movie, will guest star as The Grandfather in the reading. Gad will play Fezzik; Idle the Impressive Clergyman; Goldberg the Ancient Booer and The Mother; King Bach will play Yellin, the Assistant Brute and The King; Finn Wolfhard will play the Grandson; Shaun Ross will be The Man with Albinism fka The Albino; and Reitman will appear as the narrator.

Norman Lear, executive producer of the original, will join the Q&A.

The event will raise money for the state party, with a signup and donation required to view but no minimum. One of the movie’s fans, Sen. Ted Cruz (R-TX), lamented on Twitter last weekend that the cast had signed on to a political event.

Here's what happened to the stock market on Wednesday

The Dow rallied 439.58 points, or 1.6%, to close at 27,940.47. The S&P 500 jumped 2% to 3,398.96. The Nasdaq Composite advanced 2.7% to 11,141.56. Tech shares rebounded, helping the broader market recover from a tough three-day stretch. 

Tech bounces back

Tesla shares rallied 10.9% a day after their biggest one-day sell-off on record. Apple advanced 4% to lead the Dow higher. Facebook, Amazon, Alphabet and Microsoft were also higher. "We were due for a bounce," said one trader. "We had three days of decent selling and these things tend to get a little overextended."

Druckenmiller urges caution

Despite Wednesday's sharp gains, Stanley Druckenmiller thinks investors need to be careful around this market. "Right now, we're in an absolute raging mania," he said on CNBC's "Squawk Box." "Everybody loves a party … but, inevitably, after a big party there's a hangover."

What happens next?

Weekly jobless claims numbers are set for release Thursday. 

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