The Swiss equity market is set for a higher opening on Thursday, with blue-chip stocks tracking gains in Asian trading following Nvidia's quarterly results.
The US chipmaker's revenue and guidance exceeded Wall Street expectations, driving gains in Asian equity markets. Nvidia's stock, however, slipped 1.6% after a prior rebound, as investors reassessed its valuation amid the broader tech sector's momentum. "The business is fundamentally healthy," said Chris Weston, head of research at Pepperstone. "This will jolt people into asking: 'What have I missed?'"
The Swiss franc traded at 0.9387 per euro, up 0.06%, and 0.8054 per dollar, also up 0.06%. The dollar strengthened slightly against the yen to 159.33 and the yuan to 6.7207. Brent crude oil fell 0.9% to $87.04 per barrel, while US WTI declined 0.9% to $81.51. Gold rose 0.7% to $4,624.14, and Bitcoin gained 0.8% to $79,043.18.
In the US, the Dow Jones Industrial Average closed 0.21% lower at 53,463.88, the S&P 500 slipped 0.02% to 7,675.70, and the tech-heavy Nasdaq 100 edged up 0.05% to 29,224.52. The mixed performance followed gains on Tuesday after a subdued start to the week.
Asian markets showed mixed results, with Japan's Nikkei down 0.1% at 66,164.19, China's Shanghai Composite up 0.3%, and South Korea's Kospi gaining 1.5%. The US personal consumption expenditures (PCE) price index held steady at 3.7% year-over-year in July, matching expectations and reinforcing concerns over persistent inflation pressure.
Investor focus is shifting to the annual Jackson Hole central bank symposium, which begins Thursday. Fed Chair Kevin Warsh's speech on Friday is anticipated to provide further clarity on the US central bank's monetary policy trajectory. Nvidia's earnings have reignited debate over the sustainability of AI-driven growth, with Stephanie Niven, portfolio manager at Ninety One, noting that the key question is not growth itself but the pace of acceleration or deceleration.
Abercrombie & Fitch surged more than a third after reporting quarterly revenue that topped estimates and raising its full-year outlook. The stock briefly traded at levels last seen in early 2025. In contrast, Intuit fell 3.2% following a disappointing outlook, while Zoom Communications dropped 7% on mixed quarterly results and lackluster guidance.
