U.S. stock futures pointed to a subdued start for Wall Street on Monday, with Dow Jones futures down 0.19%, S&P 500 futures down 0.32% and Nasdaq futures down 0.80% ahead of the new trading week.
The Swiss Market Index (SMI) traded 0.26% lower by midday, paring earlier losses to stand at 14,451 points, while the broader Swiss Performance Index (SPI) edged down 0.01% to 20,314. ABB shares led decliners in the SMI, falling 1.35% to 79.12 Swiss francs after erasing earlier gains. Richemont advanced 1.67%, leading SMI gainers, while Roche’s participation certificates dropped 1.46% to the bottom of the index.
Swiss equities showed mixed performance across sectors. Construction-linked stocks such as Amrize (+1.3%), Holcim (+1.0%), Geberit (+0.6%) and Sika (+0.4%) gained ground, with Citigroup lifting Geberit’s price target while maintaining a neutral rating. UBS also reiterated a buy recommendation on Sika. Nestlé added 0.5%, providing support to the index. In contrast, Roche fell 1.3% and Novartis declined 0.3%, though Novartis later pared some of its opening losses. Logistics firm Kühne+Nagel dropped 1.5% following the announcement of the death of majority shareholder Klaus-Michael Kühne.
Analysts noted cautious sentiment ahead of key events later in the week. U.S. Treasury Secretary Scott Bessent is expected to outline further economic sanctions against Iran after European markets close on Monday. Market watchers will also focus on Nvidia’s quarterly results due after the U.S. close on Wednesday and the annual Jackson Hole central bank symposium, where Federal Reserve Chair Kevin Warsh is scheduled to speak on Friday. Expectations of a cautious tone ahead of these events contributed to fragile market sentiment, according to Swissquote.
Oil prices remained elevated despite a modest pullback from Friday’s peaks. Brent crude fell about 1% to $93.22 per barrel, while U.S. West Texas Intermediate (WTI) declined nearly 2% to $85.53 per barrel. Prices had surged nearly 20% from early August lows amid stalled U.S.-Iran negotiations. Analysts highlighted uncertainty over whether secondary sanctions targeting countries maintaining economic ties with Iran could escalate trade tensions, particularly with China.
In corporate news, Vetropack surged 5.8% following Berenberg’s upgrade after its half-year results, while DocMorris climbed 2.9% after Deutsche Bank raised its price target and maintained a buy rating. Biopharma stocks lagged, with Santhera, Idorsia, Basilea, Kuros and Newron all declining between 1.4% and 2.6%.
