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Snowflake Soars 20%, Software Green for 2026

Software's day: Snowflake soars 20%, ServiceNow jumps 6% and the software ETF turns positive for the year

In this edition

SNOW NOW HOOD DELL HPE AVGO IGV CLOU

The Midday 10 Thu, Sep 3, 2026 ~60 seconds 12:30 ET

This is a software day. Snowflake is up about 20% after last night's earnings, ServiceNow gains 6%, the cloud ETF adds 4% and the software ETF (IGV) is back in the green for the year. Around it, risk appetite is broad: bitcoin is up 5%, gold 3%, Robinhood 10%, the Magnificent Seven ETF 3%, and Dell trades near a record. The one group sitting out is chips: the semiconductor ETF is down half a percent, though Nvidia bucks its own sector and rises 1.5%.

US midday, intraday quotes (delayed, ~12:15 ET)

  1. Snowflake
  2. ServiceNow
  3. Robinhood
  4. Dell Technologies
  5. Hewlett Packard Enterprise
  6. Broadcom
  7. ETF board: software green for the year, chips the lone red
  8. Nasdaq-100 back above its 50-day line
  9. Lululemon, Samsara and Zscaler report after the close
  10. Software vs chips: the old pecking order may be coming back

The ten lines

  1. 1

    UP Snowflake

    SNOW

    SNOW is up about 20% at midday after last night's earnings, the biggest move on the software board and one of the largest post-earnings gaps of the season. This is the same stock that sat in yesterday's 'reports tonight' line while software was being sold on MongoDB and Palo Alto. One quarter later, the crowd is paying up for the data-cloud name instead.

  2. 2

    UP ServiceNow

    NOW

    NOW gains 6% without a report of its own, which makes it the cleaner read on the day: money is coming back into large-cap software, not just into one earnings winner. ServiceNow had spent the year as one of the poster children for the 'AI disrupts software' worry, so a 6% day on no news is a change of mood, not a change of numbers.

  3. Sector Engine Eleven sectors by four regions — the global rotation matrix Bloomberg keeps for institutions. Open the matrix →
  4. 3

    UP Robinhood

    HOOD

    HOOD is up about 10% as bitcoin rises 5%, a textbook risk-on pairing: when crypto jumps, the retail broker that earns on crypto trading jumps harder. Robinhood is one of the clearest single-stock expressions of today's appetite for risk, alongside a 3% gain in the Magnificent Seven ETF (MAGS).

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C · line 11 · members

Today in line 11: the market is not buying 'software'. It is sorting software into AI-billed and AI-billed-against, and the close tells us which.

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Further reading on Closelook

Ten lines on the US midday tape, not advice — an investment diary. Published every trading day at 12:30 ET. See The Morning 10 and the Daily Pulse.