U.S. stock futures rose on Thursday, lifting European and Swiss benchmarks after Treasury yields eased, while geopolitical risks in the Middle East kept oil prices elevated and stoked inflation concerns.
The Swiss Market Index (SMI) advanced 0.2% by midday, paring an earlier gain of 0.5% as Nestlé’s shares fell 1% following a mixed trading session. The index had opened higher, supported by gains in Roche (+1.8%) and Logitech (+2.6%), which led advancers. Richemont (-2.4%) and Swatch (-1.6%) lagged as luxury goods sentiment remained soft across Europe.
In the U.S., the Dow Jones Industrial Average was indicated up 0.4% at 53,287 points ahead of the open, while the S&P 500 and Nasdaq 100 were seen rising 0.4% and 0.5%, respectively. Futures on the Dow were little changed, while Nasdaq futures slipped 0.2%. Bond yields fell, easing financial conditions and boosting risk appetite.
Swiss inflation data released on Thursday showed a sharper-than-expected increase, with the annual rate rising to 0.8% in August from 0.4% in July, the highest level in two years. Economists had forecast a rise to 0.5%–0.6%. The franc strengthened against the euro, falling to 0.9384 from 0.9410 earlier, and against the dollar to 0.8092. The Swiss National Bank now faces renewed pressure to reassess its monetary policy stance amid persistent inflation dynamics.
Geopolitical tensions in the Middle East continued to influence markets, with oil prices fluctuating after a brief lull. Brent crude futures remained above $95 per barrel, while WTI traded near $92 per barrel, keeping inflation risks alive. Analysts at Helaba noted that stronger-than-expected U.S. labor market data on Friday could reinforce expectations for a near-term Federal Reserve rate hike, particularly if wage growth accelerates.
Among individual movers, Broadcom shares fell 3.7% in pre-market trading after the chipmaker posted quarterly results that met revenue expectations but disappointed on guidance. Snowflake surged 23% after beating earnings estimates and raising its full-year revenue outlook. Ultragenyx Pharmaceutical tumbled 46% after its experimental rare-disease drug failed a phase 3 trial, while Victoria’s Secret dropped 20% following weak second-quarter revenue of $1.61 billion and a cautious 2026 outlook.
In Switzerland, Partners Group rose 2.0% after analysts at Morgan Stanley resumed coverage with an Equal Weight rating and a 775 franc price target. Romande Energie gained 2.1% after reporting a sharp rise in first-half profit. Novartis held gains from Tuesday’s rally, while Roche advanced 0.8% following a licensing deal with China’s Simcere Pharmaceutical for a trispecific antibody.
Investors are now awaiting Friday’s U.S. nonfarm payrolls report, which is expected to provide further clarity on the labor market and the Fed’s policy trajectory ahead of its next meeting in two weeks. Market sentiment remains fragile, with traders noting that stable oil prices alone may not be enough to sustain risk appetite if geopolitical risks persist.
