Wednesday, September 3, 2026 turned into a genuinely eventful session, with three completely unrelated storylines converging to produce some of the sharpest single-day stock moves of the week. A cloud-data company delivered one of the cleanest earnings beats of the entire AI software cycle. A brand-new tariff regime on foreign-made drones officially took effect at the stroke of midnight. And gold and silver miners caught a fresh bid after a Federal Reserve official signaled patience on interest rates. Treasury yields fell 5 basis points to 4.75%, gold jumped 2.34% to $4,489.99 an ounce, and industrials led sector gainers as investors rotated into growth names. Here are today’s top gaining stocks and exactly why each one moved.

Today’s Market Snapshot

• 10-Year Treasury yield: Fell 5 basis points to 4.75%
• Gold: Up 2.34% to $4,489.99 an ounce
• Sector leadership: Industrials led gainers, with financial services and consumer cyclical stocks also showing significant intraday strength as investors rotated into growth-oriented names
• The catalyst behind the rotation: Fed Governor Christopher Waller said he’d lean toward holding rates steady unless there are major inflation surprises — a notably more dovish stance than Fed Chair Kevin Warsh’s recent emphasis on fighting stubborn inflation, which eased some pressure on markets
• Jobs data: ADP reported U.S. private companies added just 38,000 jobs in August, below the 47,000 consensus, keeping Friday’s official nonfarm payrolls report squarely in focus

1. Snowflake Inc. (SNOW) — Up 20.7% to $369.10, a Fresh All-Time High

Why It Gained

Snowflake delivered its second consecutive blowout quarter, and the market responded accordingly. EPS came in at $0.62 versus a $0.45 consensus, on revenue of $1.55 billion against a $1.48 billion estimate — a 35% year-over-year increase, accelerating from 33% growth the prior quarter. Product revenue reached $1.49 billion, up 37% year-over-year, an acceleration of roughly 300 basis points quarter-over-quarter. Current remaining performance obligations (cRPO) hit $4.91 billion against a $4.75 billion consensus, growing about 42% year-over-year versus 38% the quarter before. Management raised full-year guidance on the back of the results.

The Street’s reaction was immediate and aggressive: Raymond James raised its price target to $425 from $275, Deutsche Bank moved to $400 from $350, and DA Davidson lifted its target all the way to $450 from $300. Jefferies separately named Snowflake and Databricks as the dominant players in AI data infrastructure, citing product upgrades and forecasting a potential 30% operating margin ahead.

Bull Case vs. Bear Case

Bull case: Accelerating product revenue growth alongside expanding cRPO signals genuine, compounding enterprise AI-workload demand — not a one-quarter blip — and multiple analysts now see a credible path to significantly higher margins.

Bear case: The stock’s average 12-month analyst target of $331.66 currently sits below today’s closing price of $369.10, implying the market has already priced in results that exceed even Wall Street’s newly-raised expectations — a genuinely stretched setup after today’s 20%+ move.

Forecast

What to watch tomorrow: Whether Snowflake holds above the $364 intraday low from today’s session — a close back below that level on heavy volume would suggest today’s gap is being sold into, while continued strength above $370 would confirm institutional buyers are chasing the breakout.

2. GitLab Inc. (GTLB) — Up 10% on a Dell Partnership Read-Through

Why It Gained

GitLab rallied alongside Dell Technologies, which jumped 15.8% today, as investors connected the two stocks through enterprise software and AI-development-tooling read-through following Dell’s own results. GitLab’s DevSecOps platform continues to be positioned by investors as a beneficiary of enterprise AI coding-tool adoption, a theme that’s been volatile for the stock — shares have swung from a 52-week low of $18.73 to a high of $57.29 over the past year.

Bull Case vs. Bear Case

Bull case: GitLab’s core DevSecOps platform sits directly in the path of enterprise AI-assisted software development spending, a theme with genuine multi-year tailwinds if adoption continues broadening.

Bear case: The stock has shown extreme volatility this year (a more than 3x range between its 52-week low and high), and today’s move appears to be sympathy-driven from Dell’s results rather than GitLab-specific news — a pattern that can reverse just as quickly once attention shifts elsewhere.

Forecast

What to watch tomorrow: Whether GitLab’s own upcoming earnings report shows the kind of cRPO and product-revenue acceleration that drove Snowflake’s monster move today — until then, expect continued correlation with broader enterprise-software sentiment.

3. Unusual Machines, Inc. (UMAC) — Rallying as New Drone Tariffs Take Effect Today

Why It Gained

Today marks the actual implementation date of President Trump’s Section 232 drone tariffs, first announced via proclamation on August 13 — and Unusual Machines, a domestic maker of NDAA-compliant drone components, has been the single biggest beneficiary of this theme all month. The New York Times reported today that the administration is following through with tariffs of up to 100% on foreign-made drones specifically designed to hinder Chinese manufacturers, while the FCC is separately weighing even stiffer restrictions on thermal imaging and aerosol-spraying drone technology.

Bull Case vs. Bear Case

Bull case: As a small, domestic, NDAA-compliant components maker, Unusual Machines is positioned as one of the most direct beneficiaries if foreign competitors face a genuine cost disadvantage — the stock is already up massively year-to-date on this exact thesis.

Bear case: This exact stock has proven extremely volatile around drone-tariff headlines throughout August, swinging from +22% single-day pops to -11% single-day drops on essentially the same underlying policy theme — a pattern that suggests today’s move could reverse just as sharply if the “sell the news” dynamic that hit the group multiple times this month repeats itself.

Forecast

What to watch tomorrow: Whether today’s gains hold now that the tariffs are actually in effect rather than just anticipated — implementation-day reactions in this stock have historically been unstable, with several prior “rally then reverse” cycles already this month.

4. Ondas Holdings, Inc. (ONDS) — Gaining on the Same Drone-Tariff Implementation

Why It Gained

Ondas rose alongside the broader drone complex as the new tariff structure officially took effect. Because Ondas spans multiple business lines beyond pure drone manufacturing — including counter-UAS systems, ground robotics, and secure communications — its tariff benefit is more diffuse than a pure-play component maker like Unusual Machines, which has historically meant smaller percentage moves on the same news.

Bull Case vs. Bear Case

Bull case: Ondas’s diversified exposure across drones, autonomy, and secure communications gives it multiple paths to benefit from the broader “Drone Dominance” federal spending push, not just the tariff story alone.

Bear case: That same diversification has meant Ondas consistently posts smaller gains than pure-play peers on identical drone-tariff news — a pattern that’s held throughout the entire month of August and repeated again today.

Forecast

What to watch tomorrow: Any company-specific contract news, since Ondas’s stock has shown it needs a distinct catalyst beyond sector-wide tariff headlines to meaningfully outperform its drone-sector peers.

5. Red Cat Holdings, Inc. (RCAT) — Extending Its Drone-Tariff Rally

Why It Gained

Red Cat, which builds tactical military drones through its Teal Drones and FlightWave subsidiaries plus autonomous maritime systems through Blue Ops, rose again today as the drone-tariff implementation reinforced the domestic-manufacturing thesis underpinning the stock’s entire 2026 run. Despite missing on both revenue and earnings in its August 6 report — with a GAAP loss of $0.26 per share against a $0.17 estimate — the company’s underlying 527% year-over-year revenue growth and reaffirmed full-year guidance have kept the bullish narrative largely intact.

Bull Case vs. Bear Case

Bull case: Red Cat sits at the center of the Pentagon’s “Drone Dominance” initiative, and today’s tariff implementation adds a structural, policy-driven tailwind on top of already-explosive revenue growth.

Bear case: The company missed on both revenue and earnings in its most recent quarter despite the massive growth rate, and the stock has shown repeated whipsaw action around drone-tariff headlines — rallying on announcement, falling on “no immediate revenue impact” realizations, and rallying again on implementation, a pattern that suggests much of today’s move may already be anticipated rather than a fresh surprise.

Forecast

What to watch tomorrow: Whether today’s implementation-driven gains hold through the week — given the stock’s volatile August trading pattern around this exact theme, a “sell the actual implementation” reaction remains a real possibility in the days ahead.

6. Draganfly Inc. (DPRO) — Rounding Out the Drone-Tariff Rally

Why It Gained

Draganfly rose alongside its domestic drone-manufacturing peers as today’s tariff implementation reinforced the broader thesis that U.S.-based drone makers face reduced foreign competition on cost. As one of the smaller, more speculative names in the group, Draganfly tends to see amplified percentage moves relative to larger, more diversified defense names on identical drone-policy news.

Bull Case vs. Bear Case

Bull case: As a smaller, domestic-focused pure-play, Draganfly could see outsized benefit if foreign drone imports genuinely become less price-competitive under the new tariff structure.

Bear case: Smaller drone names in this complex have shown the most extreme volatility of the entire sector throughout August, and today’s gain should be weighed against the real possibility of an equally sharp reversal.

Forecast

What to watch tomorrow: Company-specific order flow or contract announcements — the entire drone-tariff theme has proven to reward names with concrete, dated news over those relying purely on sector-wide policy sentiment.

7. Hecla Mining Company (HL) — Riding a Dovish Fed and a Multi-Week Gold Rally

Why It Gained

Hecla Mining, the largest silver mining company in the United States, gained today alongside a broad rally in gold and silver miners after Fed Governor Christopher Waller said he’d lean toward holding rates steady absent major inflation surprises — a dovish signal that boosted gold’s appeal as a lower-opportunity-cost asset. Hecla has already posted a 30.1% gain in August alone, driven by the broader rise in gold and silver prices this year.

Bull Case vs. Bear Case

Bull case: Continued dovish Fed signaling, combined with persistent geopolitical risk from the ongoing U.S.-Iran conflict, gives precious metals a durable multi-catalyst tailwind that miners like Hecla can leverage for outsized operating gains.

Bear case: Valuation models suggest Hecla is trading at roughly a 30.8% premium to its intrinsic value after this month’s run — a signal that at least some of the good news may already be priced in, and a reminder that mining stocks tend to amplify moves in the underlying metal in both directions.

Forecast

What to watch tomorrow: Gold’s own price direction remains the single biggest driver of Hecla’s near-term trajectory — any reversal in Fed rate-cut expectations following Friday’s jobs report could quickly cool the miners’ rally.

8. Coeur Mining, Inc. (CDE) — Gaining in Sympathy With the Broader Precious Metals Rally

Why It Gained

Coeur Mining rose alongside Hecla, Newmont, Agnico Eagle, and other major precious-metals producers as gold’s 2.34% jump today rippled through the entire mining complex. The rally reflects the market’s read that Fed Governor Waller’s comments reduce near-term odds of a September rate hike, a dynamic that’s historically supportive of gold and silver prices.

Bull Case vs. Bear Case

Bull case: As one of the most actively traded gold and silver miners by dollar volume, Coeur benefits directly from sustained strength in precious metals prices, and today’s rally extends a favorable multi-week trend for the sector.

Bear case: Mining stocks broadly are highly sensitive to any reversal in Fed policy expectations — a hawkish surprise from Friday’s jobs report or any subsequent Fed commentary could quickly unwind today’s gains across the entire sector.

Forecast

What to watch tomorrow: Friday’s official August nonfarm payrolls report is the single most important upcoming catalyst for this entire group — a stronger-than-expected print could reverse today’s dovish-driven rally.

9. First Majestic Silver Corp. (AG) — A Silver-Focused Beneficiary of Today’s Rally

Why It Gained

First Majestic Silver, one of the most closely watched pure-play silver miners, gained today as part of the same sector-wide move lifting Hecla and Coeur. With silver often exhibiting higher volatility than gold in both directions, First Majestic tends to see amplified percentage moves whenever precious-metals sentiment shifts — exactly the pattern on display today.

Bull Case vs. Bear Case

Bull case: Silver’s industrial demand component (used extensively in electronics and solar panel manufacturing) gives First Majestic a growth driver beyond pure safe-haven demand, differentiating it somewhat from gold-only miners.

Bear case: That same higher volatility means First Majestic can underperform gold-focused peers just as sharply during any risk-off reversal, making it one of the more binary, higher-beta ways to play the precious-metals theme.

Forecast

What to watch tomorrow: Silver’s own price action relative to gold — a widening gold-to-silver ratio would suggest today’s rally is more of a broad risk-on move than a silver-specific story, while silver outperformance would indicate genuine sector-specific momentum.

10. Robinhood Markets, Inc. (HOOD) — Gaining Following Fresh Analyst Upgrades

Why It Gained

Robinhood Markets rose today after fresh analyst upgrades. Adding to a broader session where financial services stocks were among the sector leaders alongside industrials. The move came as part of the day’s wider rotation into growth-oriented and rate-sensitive financial names following Fed Governor Waller’s dovish comments.

Bull Case vs. Bear Case

Bull case: Analyst upgrades often reflect genuine improving fundamentals. Trading volume, options activity, and crypto-trading revenue have all been closely watched growth drivers for Robinhood’s business model in 2026.

Bear case: Retail brokerage stocks like Robinhood remain highly sensitive to overall market sentiment and trading volumes. A broader market pullback would likely pressure the stock’s revenue outlook even if today’s upgrade thesis remains intact.

Forecast

What to watch tomorrow: Any follow-through from additional analyst commentary. Along with broader market volume trends, which directly feed into Robinhood’s transaction-based revenue model.

The Day’s Dominant Theme: Three Unrelated Stories, One Dovish Backdrop

Today’s gainers list is really three separate narratives happening simultaneously, unified only by a broadly supportive macro backdrop. Snowflake and GitLab represent genuine, fundamentals-driven enterprise-software strength tied to AI infrastructure spending. The drone complex (UMAC, ONDS, RCAT, DPRO) is trading entirely on a specific, dated policy catalyst — today’s tariff implementation. Layered on top of a month of already-volatile positioning around the same theme.

And the precious-metals miners (HL, CDE, AG) are riding a classic rates-and-gold trade, sparked by a single dovish comment from a Fed official. Robinhood sits at the intersection, benefiting from the same rate-driven rotation lifting financials broadly. Investors should treat each group very differently heading into Thursday. The software names have real, durable catalysts behind them. The drone names carry genuine reversal risk given their volatile August trading pattern. And the miners are almost entirely dependent on Friday’s jobs report confirming today’s dovish Fed narrative.

Sector Sentiment Snapshot

Industrials led sector gainers today, with financial services and consumer cyclical stocks also showing meaningful intraday strength as investors rotated into growth-oriented names on the back of falling Treasury yields. Enterprise software and AI infrastructure names outperformed sharply on Snowflake’s results. While the defense-adjacent drone complex and precious-metals miners each rode distinct, unrelated catalysts to strong gains. A genuinely broad-based rally rather than one driven by a single dominant theme.

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Disclaimer: This publication is entirely for informational and journalistic purposes and does not constitute formal financial, investment, or legal advice. All market investments carry inherent risks of capital loss. Always complete independent due diligence prior to executing equity trades.

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Kasia Davis

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