The Swiss Market Index (SMI) closed 0.12% higher at 14,542 points on Wednesday, paring earlier gains as blue-chip heavyweights Roche and Novartis weighed on the benchmark.
Early session momentum followed overnight strength in U.S. and Asian equities, with investors positioning ahead of chip giant Nvidia’s quarterly results and the broader artificial-intelligence rally. Analysts cautioned that expectations remain elevated, warning that even strong results could disappoint given the scale of current projections for revenue growth and data-center demand. The Nvidia share price slipped 0.2% in pre-market trading.
Construction stocks led the SMI’s advance, with Amrize gaining 3.2% and Holcim up 3.7%. Sika added 1.4%, while Nestlé eked out a 0.1% gain. The two pharmaceutical giants, Roche and Novartis, acted as drags, with Roche up 1.5% and Novartis down 0.9%. Sandoz fell 4.0%.
Among mid-cap performers, composite specialist Gurit surged 21% after reporting first-half results that exceeded expectations, particularly on profitability, and raising its outlook. Stadler Rail jumped 22% after its half-year figures comfortably beat analyst estimates across key metrics, reinforcing confidence in its medium-term targets. SoftwareOne rose 10% on synergies from its Crayon acquisition and a sharper-than-expected profit improvement, with further upside seen in the year’s remaining performance.
Biopharma firm Addex gained 12% after securing $2.8 million through an at-the-market equity facility, extending its cash runway to the fourth quarter of 2027. Other notable gainers included Arbonia (11%), Molecular Partners (6%), Implenia (4%) and Kardex (4%).
Losses were led by Kudelski, which slipped 1.0% after reporting persistent losses. Broader U.S. equity benchmarks showed little movement ahead of Nvidia’s results. The Dow Jones Industrial Average was up 0.04% at 53,593, while the Nasdaq 100 fell 0.5% to 29,105 in pre-market indications.
U.S. inflation data added to caution. The core Personal Consumption Expenditures (PCE) price index rose 3.7% year-over-year in July, exceeding economist forecasts and lifting market-implied odds of a September Federal Reserve rate hike to around 40%. “We are still in a phase where inflation remains stubborn,” said Jeff Buchbinder, chief strategist at LPL Financial.
Energy equities came under pressure as investors weighed the potential reopening of the Strait of Hormuz for oil shipments. Halliburton, ExxonMobil and Occidental Petroleum each fell between 1.0% and 1.5%. Oil prices eased after reports that Iran and Oman were discussing a temporary joint maritime corridor to facilitate Gulf oil exports.
Retailer Abercrombie & Fitch surged more than 11% in pre-market trading after posting a record second-quarter net sales figure that topped Wall Street expectations, raising its full-year guidance and authorizing a $500 million share buyback. The stock’s performance lifted peers including American Eagle (3.4%), Ralph Lauren (0.8%), Levi Strauss (0.5%) and PVH (0.2%).
Biotech Summit Therapeutics advanced 16% on positive late-stage trial results for its experimental cancer drug Ivonescimab, which outperformed AstraZeneca’s Durvalumab in a head-to-head comparison. Zoom Communications fell 6.8% after mixed quarterly results and a disappointing third-quarter outlook. Intuit dropped 9.7% on a cautious forecast, while Meta gained around 4% following a settlement in a U.S. lawsuit alleging harm to children from social media.
