The Swiss Market Index closed 0.12% higher at 14,542 points on Wednesday, paring modest intraday gains as gains from U.S. and Asian markets faded. Early strength reflected optimism tied to Nvidia’s upcoming earnings and the broader artificial-intelligence rally, though traders cautioned that elevated expectations could set the stage for disappointment if results or guidance disappoint.
Construction and industrial names led advancers, with Amrize up 3.2% and Holcim gaining 3.7%, while Sika added 1.4%. Nestlé eked out a 0.1% rise, but heavyweights Roche and Novartis weighed on the index, falling 1.5% and 0.9% respectively. Sandoz slumped 4% as the pharma sector lagged. Tech bellwethers were mixed, with Logitech up 1.8% ahead of Nvidia’s report.
Smaller-cap momentum persisted in the final stretch of earnings season, with Gurit surging 21% after posting first-half results that topped expectations on profitability and raised guidance. Stadler Rail jumped 22% after its half-year figures handily beat analyst forecasts across key metrics, reinforcing confidence in its medium-term targets. SoftwareOne rose 10% on cost synergies from the Crayon acquisition and a sharper-than-expected profit increase, while Addex gained 12% on a $2.8 million equity raise via an at-the-market facility, extending its cash runway to the fourth quarter of 2027.
Other notable movers included Arbonia at 11%, Molecular Partners at 6%, and Implenia and Kardex each up 4%. Kudelski fell 1% after reporting continued losses.
U.S. benchmarks showed little change ahead of Nvidia’s after-hours results, with the Dow Jones Industrial Average and S&P 500 essentially flat at 53,547 and 7,675 points respectively. The Nasdaq Composite held near 26,104.
The core Personal Consumption Expenditures price index rose 3.7% year-on-year in July, exceeding economist forecasts and lifting the probability of a Federal Reserve rate hike in September to around 40%. Analysts noted persistent inflation pressures despite recent progress. "We are still in a phase where inflation is stubborn," said Jeff Buchbinder, chief equity strategist at LPL Financial. Attention now turns to the Kansas City Fed’s Jackson Hole symposium, where remarks by Chair Kevin Warsh on Friday could offer further clues on policy direction.
Oil-linked equities came under pressure as speculation grew over potential reopening of the Strait of Hormuz, a critical chokepoint for crude shipments. Halliburton, ExxonMobil and Occidental Petroleum each fell between 1% and 1.5%.
Nvidia’s stock slipped 0.2% in pre-market trading as investors parsed expectations. "What matters most is the outlook," said Stephanie Niven, portfolio manager at Ninety One. "The question isn’t whether growth is happening, but how quickly it’s accelerating or decelerating." AMD and Marvell Technology also slipped 1.0% and 1.4% respectively ahead of the report.
In consumer and software names, Abercrombie & Fitch surged 11% after posting a record second-quarter net sales beat, raising its full-year guidance and authorizing a $500 million share buyback. Intuit fell 9.7% on a cautious outlook, while Zoom Communications dropped 6.8% on mixed quarterly results and a weak third-quarter forecast. Summit Therapeutics rose 16% on positive late-stage trial data for its cancer drug candidate, Ivonescimab, outperforming AstraZeneca’s Durvalumab in the study.
