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Here is Your Complete Market Rundown (09/03/2026):
Top Stories
Snowflake Surges Over 20% on Q2 Earnings Beat While Broadcom Slips on Soft Guidance
Snowflake dominated market activity on September 3, 2026, with shares jumping more than 20% in premarket trading after the data analytics company reported fiscal second-quarter results that sharply exceeded Wall Street expectations.
Revenue for the quarter came in at $1.55 billion, up 35% year-over-year and above the $1.48 billion consensus estimate, while adjusted earnings per share of $0.62 topped forecasts of $0.45 by a wide margin. CEO Sridhar Ramaswamy credited artificial intelligence, saying it continues to compound the company's advantages and create a flywheel effect across the business.
Snowflake also raised its full-year guidance, driving after-hours gains of roughly 22-23% the prior evening before extending into Thursday's session. Broadcom moved in the opposite direction, with shares falling after the chipmaker issued guidance for its fiscal fourth quarter that fell short of investor expectations.
The company reported Q3 revenue of $29.59 billion and adjusted earnings per share of $3.32, both above analyst consensus of $29.36 billion and $3.24, respectively. However, Broadcom's Q4 revenue forecast of $34.8 billion came in below the $35.03 billion analysts had anticipated, and JPMorgan noted that even the in-line elements of the guidance were likely below what investors had been expecting, not just what sell-side models showed.
Elsewhere in markets, Uber Technologies rose nearly 2% in premarket trading after the company confirmed a company-wide restructuring that will eliminate approximately 3,300 jobs, representing about 10% of its total workforce.
The cuts are aimed at removing management layers, consolidating teams, and reducing costs. Hewlett Packard Enterprise added around 3% in sympathy with broader strength among AI server manufacturers. Ciena and Lululemon Athletica remained in focus ahead of their scheduled earnings reports on September 3.
Company News
Tesla, Inc. (TSLA)
Performance Overview
1D Change: 5.37%
5D Change: 6.05%
Tesla Jumps 7% as Cybercab Launches in Austin With No Steering Wheel and No Pedals
Tesla shares surged as much as 7% on September 3, their best single-day gain in months, as investors positioned ahead of and then witnessed the company's long-awaited Cybercab launch event in Austin, Texas. The stock had already climbed roughly 18% over the prior 30 days, and a leveraged Tesla-tied ETF added 11% on the day. Options volume erupted, with Tesla ranking as the fourth-most traded stock by options volume, as retail and institutional traders piled into bullish bets.
The Cybercab, a two-seater autonomous vehicle with no steering wheel and no pedals, was formally launched in Austin on the evening of September 3, exclusively in that city to start. Elon Musk had previewed the event by touting a coming "storm" of Cybercabs and citing their superior operational efficiency. The vehicle was first unveiled on a Hollywood studio lot in October 2024, making the Austin event the first substantive operational update in nearly two years.
On the regulatory front, France began road tests on two Tesla vehicles to assess the Full Self-Driving system, with French Transport Minister Philippe Tabarot confirming the move as a step toward potential EU approval. StoneX analyst Mickey Legg reiterated his Tesla rating around the Cybercab launch and set a 12-month price target at the stock's all-time high.
Morgan Stanley separately noted that Tesla's next directional move is tied directly to the Cybercab rollout. On the sales side, Tesla reported 7,685 deliveries in Australia in August, up 163% year over year and the company's second-highest monthly total there ever. The Model Y accounted for 6,414 of those deliveries, up 176%, and has been Australia's best-selling vehicle of any kind in recent months. Tesla has now delivered more than 36,000 cars in Australia so far in 2026.
Robinhood Markets, Inc. (HOOD)
Performance Overview
1D Change: 16.53%
5D Change: 13.64%
Robinhood Stock Jumps 17% to Highest Level Since January as Chain Activity Breaks Records
Robinhood Markets shares surged roughly 17% on September 3, topping the S&P 500 and reaching their highest level since January 2026, as a confluence of forces lifted the stock: analyst upgrades from Piper Sandler and Scotiabank, a broad crypto rally that pushed Bitcoin above $79,000, and an explosion of on-chain activity on Robinhood Chain that is rewriting the company's revenue story.
Robinhood Chain, launched on Arbitrum in July, ranked first on DefiLlama's 24-hour chain-revenue table with $4.01 million on September 2. Gross network fees reached $4.45 million that day, surpassing Ethereum, Solana, and Tron combined, after the base fee rose 23 times off its 0.02 gwei floor. Gas fees on the network jumped 82-fold in just 11 days. Robinhood absorbs those costs inside its own wallet app until September 29.
The chain also surpassed Polygon in DeFi total value locked and beat Tron in 24-hour revenue, milestones that came fewer than two months after launch. A key engine of that activity is Pons, a memecoin launchpad token native to Robinhood Chain. PONS hit a new all-time high after securing a listing on Binance Alpha, and has gained more than 1,300% in the past month and roughly 18,000% since July, pushing its market cap to approximately $362 million and making it the 118th-largest cryptocurrency by market value. The protocol generated a record $5.95 million in single-day fees on September 3, placing it fourth among all crypto protocols by 24-hour fees and above the chain itself.
Memecoin pairs trading against Robinhood's tokenized stocks generated $217 million in volume on September 2, exceeding the $127 million that moved through direct stock-token markets that day. Robinhood Chain now generates two thirds of all fees earned by Uniswap, which itself has seen its token price double since August 14. Options activity in HOOD erupted alongside the equity move, with Robinhood ranking as the most-traded stock by options volume on Thursday.
Transaction-based revenues at the company had already risen 44% year over year in the second quarter of 2026, and the chain's momentum adds a new on-chain revenue layer to that trend. The company's 862,000 tokenized-stock holders drove $3 billion in volume, with Uniswap accounting for an additional $1.4 billion. On the regulatory front, Robinhood's prediction-markets ambitions face a legal test as New Jersey challenges Kalshi at the Supreme Court in a case that could affect the broader event-contracts industry.
Separately, Piper Sandler expects volume on Rothera, Robinhood's joint venture with Susquehanna that holds CFTC approval for football win-and-spread contracts, to grow ahead of the start of football season next week. Trading terminals posted their first $1 billion day since January 2025 on September 2, with the GMGN terminal taking nearly half of that volume and settling 91% of its trades on Robinhood Chain.
Earnings Events
Zscaler Beats Q4 Earnings and Revenue Estimates, Issues Strong Guidance
Zscaler reported fiscal fourth-quarter 2026 results after the close on September 3, delivering a double beat on both earnings and revenue that exceeded Wall Street estimates. The cybersecurity company had entered the quarter with its own guidance of $875 million to $878 million in revenue, against a consensus estimate of roughly $877 million, and surpassed that bar on both the top and bottom lines.
CEO Jay Chaudhry highlighted Zscaler's agentic Zero Trust offering as a key growth catalyst, saying he is "very bullish" on its early momentum. The company's Zero Trust platform has become central to its pitch as enterprises accelerate AI adoption and agentic workflows, and management paired the quarterly results with guidance that the market received as upbeat.
Shares of Zscaler rose sharply in after-hours trading following the release, recovering ground lost earlier in the fiscal year when a cautious early fiscal 2027 outlook had punished the stock. The strong fourth-quarter report and forward guidance signaled to investors that demand for the company's cloud-based security platform remains robust heading into fiscal 2027.
Lululemon Stock Drops 15% After Q2 Revenue Falls 4% and Full-Year Outlook Cut
Lululemon shares plunged roughly 15% on Thursday after the athleisure retailer reported a sharp decline in second-quarter profit and revenue and slashed its full-year guidance, signaling a deepening struggle to revive its North American business. Revenue for the fiscal second quarter fell 4% to $2.4 billion, with comparable sales down 9%. Diluted earnings per share dropped to $1.69 from $2.60 a year earlier, though that result edged past the analyst consensus of $1.68. Gross margin contracted 410 basis points to 54.2%, and operating income fell 37% to $276.9 million.
For the full year, Lululemon cut its net revenue outlook to a range of $10.35 billion to $10.5 billion, representing a decline of 5% to 7%, a significant step down from a prior forecast of $11.35 billion. Adjusted earnings per share guidance was lowered to $9.48 to $9.73, well below earlier expectations. Interim Co-CEOs Meghan Frank and Andre Maestrini, who also serves as CFO, cited "challenging dynamics" while pointing to some positive signals in North America, including stronger full-price sales and demand in training, tennis, and running categories.
The results land as incoming CEO Heidi O'Neill is set to officially take over leadership next week, inheriting a brand contending with soft North American demand, higher markdowns, and tariff-related cost pressures. Lululemon ended the quarter with $1.5 billion in cash and repurchased $358 million worth of shares during the period, though neither provided support for the stock in after-hours trading.
UiPath Beats Q2 Revenue Estimates and Raises Full-Year Guidance, Stock Soars
UiPath reported second-quarter fiscal 2027 revenue of $410.3 million, up 13.4% year over year and ahead of the Wall Street consensus of $397.9 million by about 3.1%. Non-GAAP earnings came in at $0.15 per share, in line with analyst expectations, while GAAP net income reached $36.1 million, or 7 cents per share.
The company raised its full-year fiscal 2027 outlook, guiding for revenue of $1.776 billion to $1.781 billion and annual recurring revenue of $2.058 billion to $2.063 billion as of January 31, 2027, alongside non-GAAP operating income of approximately $430 million. For the third quarter, UiPath guided revenue to around $442.5 million, roughly in line with analyst estimates. The raised full-year targets, combined with the revenue beat, helped ease investor concerns about the pace of growth at the automation software maker.
UiPath also announced executive changes alongside the financial results. Shares surged in after-hours trading following the report, with the stock described as soaring across multiple market reports, as investors welcomed both the beat and the upward revision to guidance.
Macro Events
US Trade Deficit Widens to $88.6 Billion in July as Jobless Claims Edge Higher
The US trade deficit widened to $88.6 billion in July, the latest sign of persistent import demand outpacing exports. The figure represents a notable gap and adds to ongoing scrutiny of America's external balance as economic conditions evolve.
Weekly initial jobless claims came in at 206,000 for the week ending August 29, up 2,000 from a revised 204,000 the prior week and slightly above the consensus estimate of 205,000. Continuing claims for the week ending August 22 rose by 8,000 to 1,779,000, pointing to a modest softening in the pace at which laid-off workers are finding new jobs even as the labor market remains broadly resilient.
The S&P Global US Composite PMI for August held steady at 56.0, matching both the prior month's reading and nearly meeting the 56.1 estimate, signaling continued expansion in business activity. Canada's international merchandise trade surplus narrowed sharply in July to 0.77 billion Canadian dollars, well below the 3.18 billion estimate and down from a revised 4.20 billion in June, reflecting a significant pullback in Canada's trade position.
Fed Governor Waller Ties September Rate Decision to August Inflation Data
Federal Reserve Governor Christopher Waller said on September 3 that he is inclined to support holding the federal funds rate steady at its current level of 3.50%-3.75% at the Fed's September 15-16 meeting, but only if upcoming August inflation data continues to show progress toward the Fed's 2% target. Waller said recent data suggest the Fed is "finally seeing some signs of disinflation" and that if that trend continues over the next two weeks, he would favor a pause. However, he made clear that a hot August CPI print could lead him to support a rate hike instead, leaving his position explicitly conditional.
Waller acknowledged "considerable uncertainty" surrounding the inflation outlook, citing military conflicts, trade policy, and artificial intelligence's potential impact on prices and economic activity. He also pushed back on the notion that financial conditions are loose, arguing that elevated mortgage and auto loan rates contradict that characterization and that talk of loose conditions largely reflects elevated stock prices. He added that current Fed rates may already be sufficient to return inflation to 2%, but said there is no rush to cut until more progress emerges.
Markets responded sharply to Waller's remarks. Traders pared bets on a September rate hike, Treasury yields fell, and the Dow Jones Industrial Average rose around 400 points as investors grew hopeful the Fed would pause this month. Analysts at Pantheon Macro warned, however, that the Fed remains just one hot CPI print away from resuming hikes, underscoring how much the August inflation report, due before the September meeting, will shape the outcome.
US Trade Deficit Widens to $88.6 Billion in July as Jobless Claims Edge Higher
The US trade deficit widened to $88.6 billion in July, the latest sign of persistent import demand outpacing exports. The figure represents a notable gap and adds to ongoing scrutiny of America's external balance as economic conditions evolve.
Weekly initial jobless claims came in at 206,000 for the week ending August 29, up 2,000 from a revised 204,000 the prior week and slightly above the consensus estimate of 205,000. Continuing claims for the week ending August 22 rose by 8,000 to 1,779,000, pointing to a modest softening in the pace at which laid-off workers are finding new jobs even as the labor market remains broadly resilient.
The S&P Global US Composite PMI for August held steady at 56.0, matching both the prior month's reading and nearly meeting the 56.1 estimate, signaling continued expansion in business activity. Canada's international merchandise trade surplus narrowed sharply in July to 0.77 billion Canadian dollars, well below the 3.18 billion estimate and down from a revised 4.20 billion in June, reflecting a significant pullback in Canada's trade position.
Technology Events
Nvidia Agrees to Buy Hugging Face for $12.9 Billion, Pushing Beyond Chips Into Open-Source AI
Nvidia has entered into a definitive agreement to acquire Hugging Face, the leading open-source AI model and data repository, for $12.9 billion, CEO Jensen Huang confirmed on September 3. The deal, signed September 2, marks Nvidia's most significant move up the AI stack beyond its core chip business and ranks as its second-largest acquisition ever, trailing only its roughly $20 billion purchase of Groq assets late last year.
The transaction breaks down into approximately $11.9 billion payable to Hugging Face stockholders, subject to adjustment, plus an equity-based retention program of up to $1 billion for Hugging Face employees who join Nvidia. Hugging Face had previously turned down a major investment offer from Nvidia, including one from Huang himself, in order to preserve its independence as an open platform for the broader developer community.
The deal gives Nvidia a direct stake in the open-source AI ecosystem at a moment when open-source models are closing the gap with closed systems from companies such as OpenAI and Anthropic. Hugging Face hosts millions of models, datasets and AI applications and serves as a central collaboration hub for developers worldwide. Huang said in a blog post that the acquisition would expand access to AI for developers and institutions globally. The transaction is expected to close subject to regulatory review.
OpenAI Launches GPT-6 Astra to Enterprise Users With Cybersecurity Guardrails in Place
OpenAI on Thursday began rolling out its GPT-6 Astra model to enterprise customers enrolled in its Daybreak program, a controlled-access initiative that gives approved testers priority use of its most capable models. Companies participating in OpenAI's application-based cybersecurity program are first in line for access.
Astra is the first OpenAI model to cross the company's "Critical" cybersecurity capability threshold under its Preparedness Framework. The model can identify previously unknown security flaws and exploit them without step-by-step human guidance, placing it in the most advanced category OpenAI tracks for dangerous capabilities. Both the enterprise version and a planned release to paid ChatGPT users include guardrails that block access to the model's most cutting-edge cyber capabilities, a safeguard OpenAI put in place amid growing scrutiny over AI agent safety.
Crypto Events
Bitcoin Surge Above $79,000 Sends Crypto Stocks and Retail Trading Favorites Sharply Higher on Thursday
A sharp rise in Bitcoin, which climbed above $79,000 for a gain of roughly 4-5% on the day, drove a broad rally in crypto-linked equities on Thursday and ignited a wave of bullish options activity in retail trading favorites. Strategy, the world's largest corporate Bitcoin holder, surged approximately 14%, buoyed both by the Bitcoin price move and its recent purchase of an additional 4,603 BTC that brought its total holdings to 845,050 BTC. Robinhood Markets rose 13%, Coinbase gained 8%, Circle approached $100 a share with a 12% advance, and CoinDesk parent Bullish added 9%.
Options volume erupted across the retail trading complex, with Robinhood and Tesla ranking as the top and fourth-most traded stocks by options volume respectively on Thursday, alongside heavy activity in Palantir Technologies. The bullish positioning marks a notable show of conviction as traders enter September, historically the weakest month for equities.
The broader market also advanced, with the Nasdaq Composite gaining 0.5% to close at 26,217.83 and the S&P 500 rising 0.5% to 7,666.60. Investors were watching labor market data ahead of Friday's session: weekly jobless claims came in at 206,000, slightly above estimates, while outplacement firm Challenger, Gray and Christmas reported a slower pace of layoff announcements in August, consistent with a low-hire, low-fire labor backdrop. Financial stocks also gained in late afternoon trading, adding to the day's broad market strength.
Oil And Gas Events
Asian LNG Prices Hit Three-Year High and US Diesel Surges as US-Iran Hostilities Intensify Around Strait of Hormuz
Spot liquefied natural gas prices for Asian buyers surged to their highest level in more than three years, hitting $25.908 per million British thermal units on Wednesday for a roughly 5% weekly gain, as renewed US strikes on Iran raised fears of prolonged disruptions to energy flows through the Strait of Hormuz. President Trump described an overnight heavy attack on Iranian equipment along the strait, including defensive and offensive infrastructure, and said the US was prepared to carry out another one, though he signaled the campaign could be brief.
US retail diesel prices climbed to a four-year high of $5.783 per gallon on Wednesday, surpassing a wartime peak set in April and closing in on the all-time record of $5.816 set in June 2022. The surge reflects tightening global supply as the Iran conflict strains energy markets, compounding pressure from Europe entering the end of summer with an unusually low natural gas buffer, intensifying the global scramble for supply.
Oil prices pulled back slightly after a three-day rally, with investors weighing Trump's signals of a potentially limited campaign against the broader risk of sustained Hormuz disruption. Dubai crude futures nonetheless approached $100 per barrel, driven by an Asian buying spree as Chinese and Indian refining majors including Indian Oil Corp. and PetroChina, along with South Korean and Japanese refiners, aggressively sought Middle Eastern crude grades despite the conflict. Saudi Arabia's oil exports fell to their lowest level since 2017, adding further tightness to Middle Eastern supply.
Russia's deputy prime minister Alexander Novak said the country would begin increasing oil output once refineries complete scheduled maintenance. The US Energy Information Administration's weekly petroleum status report has been rescheduled to Thursday, September 10 due to the September 7 federal holiday.
TotalEnergies Takes Operator Role in Namibia's Giant Mopane Discovery as Diversified Energy Agrees $1.8 Billion Permian Deal
TotalEnergies has completed its entry as operator into the PEL83 license in Namibia's Orange Basin, acquiring a 40% operated interest from Galp in a transaction that reshapes control of the giant Mopane discoveries. The license is now held by TotalEnergies at 40% as operator, Galp retaining 40%, with Namibia's state oil company Namcor holding 10% and local partner Custos Energy holding the remaining 10%.
In a separate deal announced the same day, Diversified Energy Company agreed to acquire Birch Permian Holdings and affiliated companies from affiliates of Elliott Investment Management for $1.8 billion, marking the company's largest-ever acquisition. Birch adds approximately 68,000 barrels of oil equivalent per day of net production and an estimated $548 million in annualised adjusted EBITDA, with Diversified Energy projecting the deal will lift group production by around 35% and adjusted EBITDA by roughly 55%.
Also on September 3, Australian energy company Woodside Energy signed a memorandum of understanding with Mexico's state-owned PEMEX to assess potential opportunities for hydrocarbon exploration and extraction in the deep waters of the Gulf of Mexico, though no financial terms or specific acreage were disclosed.
Corporate Actions Events
Campbell's Slashes Dividend 36% and Warns of Further Sales and Profit Declines in Fiscal 2027
Campbell's Co. reported fourth-quarter fiscal 2026 results on September 3, posting a net loss and an 8% drop in net sales to $2.1 billion, as inflation, soaring commodity costs and weakness in its snacks business weighed heavily on the company. Adjusted EBIT fell 25% to $242 million and adjusted EPS dropped 37% to $0.39, with management noting that an extra week in the prior-year period accounted for roughly 7 to 8 percentage points of those declines. For the full fiscal year 2026, net sales fell 5% to $9.7 billion while reported EPS came in at $1.31.
Alongside the results, Campbell's cut its quarterly dividend by 36%, reducing it to $0.25 per share, and framed the move as a deliberate step to accelerate debt reduction and bring leverage down from 4.3 times to approximately 3 times. The company also unveiled a target of $500 million in cost savings by fiscal 2030, with more than $100 million expected from the new program in fiscal 2027 alone.
The company's fiscal 2027 guidance was the sharpest blow to investors. Campbell's forecast net sales declines of 2% to 4%, adjusted EBIT declines of 7% to 12%, and adjusted EPS of $1.65 to $1.80, a drop of 17% to 24% from the prior year. Management guided for raw-material and packaging inflation of 5% to 6% and double-digit logistics inflation, while expecting productivity gains above 4% and low-single-digit net pricing benefits to provide partial offsets. CEO Mick Beekhuizen warned that the first quarter of fiscal 2027 would be weaker than the full-year outlook, citing snacks softness and elevated inflation, with first-quarter adjusted EBIT margins expected around 10%. Shares of CPB fell approximately 6.8% on the news.
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