Stocks Rise as Data Seal Sept. Fed Cut | Closing Bell

Market Overview - The U.S. stock market is experiencing its broadest rally since late May, with record highs across major indices including the Dow Jones Industrial Average, S&P 500, NASDAQ, and Russell 2000 [2][9] - The market is pricing in the possibility of three interest rate cuts this year and potentially six cuts by 2026, although caution is advised ahead of comments from Federal Reserve Chair Jay Powell [6][5] Company Highlights - Angel Studios, known for religious films like "Sound of Freedom," went public and rang the bell at the NYSE [8] - Rent the Runway shares surged by 30% during the regular session but fell in after-hours trading after reporting quarterly revenue of approximately $80.9 million and a loss per share of $6.55 [12][13] - Warner Brothers Discovery saw a significant gain of nearly 29% following news of a potential cash bid from Paramount Skydance [14][15] - Micron Technology's shares rose by 7.5% as Citi raised its price target to $175, citing growth potential in the data center market [17][18] - Adobe reported revenue of $5.99 billion, slightly above guidance, and raised its fiscal year revenue and EPS targets, leading to a 7% increase in after-hours trading [23][27][28] Sector Performance - The materials sector led gains, with Dow Chemical performing particularly well, while healthcare and consumer discretionary sectors also saw significant increases [10][11] - Energy was the only sector to decline, albeit slightly [11] - Oracle and Netflix were among the worst performers in the S&P 500, with Oracle down 6.2% after a strong previous day, and Netflix down 3.5% due to competitive pressures from potential media consolidation [20][21]