The Swiss Market Index (SMI) slipped 0.1% to 14,368 points on Thursday, as 12 of its 20 components ended the session in negative territory. The benchmark recovered most of its intraday losses by the close after an early rebound failed to hold. Logitech led decliners with a 4.8% drop following a JPMorgan downgrade, while Richemont fell 1.4% and Swiss Re lost 1.3%. Givaudan gained 2.1%, Lonza added 1.1%, and Geberit rose 1% after positive half-year results.
Among the SMI’s largest components, Roche advanced 1.2% amid a broader biotechnology rally, while Novartis declined 0.6%. Nestlé was essentially flat at +0.1%. In the construction sector, Holcim rose 0.4% and Amrize fell 0.1%. The broader market saw notable moves in smaller caps: Centiel, newly listed on the SIX Swiss Exchange on April 17, 2026, surged 6.4% after reporting strong half-year results and securing a major U.S. contract. Basilea Pharmaceuticals jumped 5%, hitting an eight-year high following an upward earnings revision. In contrast, Aryzta tumbled 5% after UBS downgraded its rating by two notches to "Sell," and Huber+Suhner slid 4.2% on a target cut.
U.S. equities extended losses after Walmart’s quarterly sales missed expectations, pressuring the broader retail sector. Walmart’s shares dropped more than 9% in pre-market trading, pulling down peers including Costco (-2.9%), Kroger (-1.3%), and Home Depot (-1.7%). The retailer’s weak performance raised concerns about U.S. consumer spending, a key driver of the American economy. The Dow Jones Industrial Average fell 0.6% to 53,182, the Nasdaq 100 declined 0.4% to 29,305, and the S&P 500 slipped 0.1% to 7,698.
Rising oil prices and U.S. Treasury yields weighed on markets, compounded by the U.S. national debt exceeding $40 trillion for the first time. The Treasury’s announcement of increased purchases of long-dated bonds provided only temporary relief to bond yields, which remained elevated. Analysts noted that the fundamental upward pressure on yields persisted despite the intervention. Geopolitical tensions in the Middle East, including threats of a potential "economic war" against Iran by U.S. President Donald Trump, continued to drive oil market volatility.
In contrast, Deere & Co. rallied 4.4% after posting strong quarterly results and forecasting a favorable 2027 for the U.S. agricultural sector. The company’s outperformance underscored resilience in a key industrial segment. Earlier in the week, Moderna’s shares surged 177% to a three-year high of $176.66, breaching all major moving averages and triggering a Relative Strength Index (RSI) reading of 92.21—indicating extreme overbought conditions. The stock subsequently pared gains by around 17% on Thursday, though it remained roughly 140% above its Tuesday close.
U.S. markets opened lower on Friday, with the Dow Jones Industrial down 0.7% at 53,110, the S&P 500 down 0.3% at 7,683, and the Nasdaq 100 down 0.7% at 29,290.
