The Swiss Market Index (SMI) advanced 0.5% to 14,601 points on Wednesday, approaching its recent record of 14,669.51, as construction shares led gains while healthcare lagged. The broader Swiss Performance Index (SPI) rose 0.5% to 20,516, and the Mid-Cap Index (SMIM) edged up 0.1% to 3,175.
Construction stocks Amrize and Holcim each gained 2.4%, while Sika rose 1.5%. Nestlé, the SMI’s largest component, added 0.7%, offsetting declines in healthcare heavyweights Roche and Novartis, which were essentially flat. Kühne+Nagel fell 0.5% as regional shipping tensions eased following negotiations between Iran and Oman over Hormuz Strait transit rules.
U.S. stock futures were mixed ahead of Nvidia’s quarterly earnings release and key economic data. Dow Jones futures rose 0.01%, S&P 500 futures fell 0.1%, and Nasdaq-100 futures declined 0.2%. Market sentiment was supported by lower oil prices and falling bond yields, while investors awaited Nvidia’s results amid high expectations for revenue to potentially double year-over-year. Whispers of a 100%+ increase have raised the bar for the chipmaker’s report, with some warning that even strong figures could disappoint.
In corporate news, J.M. Smucker surged in pre-market trading after beating first-quarter earnings and raising guidance. Non-GAAP EPS reached $3.24, exceeding estimates by $1.02, while revenue rose 5.2% year-over-year to $2.22 billion, surpassing expectations by $90 million. Operating cash flow totaled $425.7 million, a turnaround from a $10.6 million outflow a year earlier, and free cash flow improved to $337.3 million from a negative $94.9 million. The company now expects fiscal 2027 net sales to decline 1.0% to 2.0%, an improvement from its prior guidance of a 3.0% to 4.0% drop and above the consensus estimate of a 3.15% decline. Adjusted EPS is projected at $10.50 to $11.00, up from $9.75 to $10.25 previously and above the $10.05 consensus.
Intuit’s shares fell nearly 12% in pre-market trading after issuing a disappointing fiscal 2027 outlook. Non-GAAP EPS is now forecast at $22.68 to $23.12, well below the $27.30 consensus, while revenue is expected at $23.279 billion to $23.512 billion, also trailing the $23.7 billion estimate. The guidance followed fourth-quarter results that had exceeded Wall Street expectations.
In Switzerland, second-tier stocks saw sharp moves as the reporting season concluded. Composite materials specialist Gurit jumped 26% after posting first-half results that exceeded expectations, particularly on profitability, and raising its outlook. Stadler Rail surged 19.3% as the train manufacturer’s half-year figures surpassed analyst estimates across key metrics, reinforcing confidence in its medium-term targets. SoftwareOne climbed 14% on synergies from the Crayon acquisition and a surprise improvement in profitability, while Addex gained 11% after raising $2.8 million via an at-the-market equity offering, extending its cash runway to Q4 2027. Kudelski fell 4.9% following its latest results, which showed continued losses.
UBS adjusted its outlook for SAP, raising the price target to €201 from €164 but downgrading the stock to Neutral from Buy. Analyst Michael Briest cited SAP’s core enterprise software architecture as strong but noted slow integration of agentic AI, which could limit monetization and increase the risk of customer defections to alternative AI solutions. Briest also expects a slowdown in the Current Cloud Backlog (CCB), projecting a deceleration in the second half of the year.
Investors are also monitoring upcoming U.S. economic data, including the PCE price index, the Federal Reserve’s preferred inflation gauge, ahead of the Jackson Hole central bank symposium later this week.
