The Swiss Market Index (SMI) advanced 0.34% to 14,334 points on Tuesday, while the broader Swiss Performance Index (SPI) ended flat and the SMIM mid-cap gauge slipped 0.26%. The session’s gains were driven by a 6.3% surge in Novartis shares after positive trial results for its Remibrutinib treatment in relapsing multiple sclerosis. Analysts noted the data raised the bar for Roche’s competing Fenebrutinib, pressuring the latter’s shares by 1.5%.
Partners Group led declines among blue-chips, falling 7.3% after reporting half-year results and lowering its outlook. UBS shares ended 0.3% lower despite early support from optimism over regulatory compromise, with investors citing profit-taking after recent gains and broader sector weakness. Swiss Life declined 0.7% despite solid results and a share buyback announcement, while cyclical names such as ABB, Geberit and Sika also retreated.
Gurit surged 6.4%, extending a 14% jump from the prior session after releasing half-year results in late August. The stock has gained roughly 70% since then. In the SPI, Dormakaba jumped 4.0% on strong 2025/26 guidance and a simplified group structure, while Straumann rose 3.3% following a UBS upgrade. Oerlikon gained 1.0% after Kepler raised its price target, and Montana Aerospace advanced 2.8% on a ZKB upgrade to ‘outperform.’
Technology stocks lagged, with VAT, Comet, Inficon and AMS Osram among the worst performers amid softer U.S. tech indices. Cicor fell 5.8%, while SMG and Stadler gave up part of recent gains, declining 2.3% and 2.2%, respectively. Seven SMI components finished higher, but the majority ended lower as the market digested mixed news and the conclusion of earnings season.
U.S. equities retreated as rising oil prices and bond yields weighed on sentiment. The Dow Jones Industrial Average fell 0.4% to 53,002 points, the S&P 500 dropped 0.4% to 7,654, and the Nasdaq 100 declined 0.9% to 29,184. Oil prices extended gains, with Brent crude rising over 2% to $92.80 per barrel—the highest since a week earlier—amid concerns over Middle East tensions and renewed attacks on oil tankers in the Strait of Hormuz.
Analysts warned that stronger-than-expected U.S. jobs data could reinforce expectations for higher interest rates, potentially dampening risk appetite. The upcoming nonfarm payrolls report was already in focus, with some investors viewing robust figures as a negative for equities. Technology shares such as Nvidia, Intel and AMD fell between 2% and 3%, while energy stocks like Exxon Mobil and Devon Energy gained alongside oil prices. Robinhood shares initially rose 2% after a Morgan Stanley upgrade.
GoPro shares surged 50% after announcing a definitive merger agreement with privately held Starman Optical, bringing the stock above $1 for the first time since early June. The move followed a 67.8% pre-market jump to $1.48 after YouTuber Markiplier disclosed an 8.5% stake in the company. GoPro has struggled with weak sales, with its shares down over a third year-to-date.
