The Swiss Market Index (SMI) was assessed 0.08% higher in pre-market trading on Thursday, with Accelleron Industries leading gains at 5.5% following its half-year results. Semiconductor equipment suppliers AMS Osram, Comet, Inficon and VAT also advanced 1.9% to 3.0%, driven by strong quarterly results from U.S. chip giant Nvidia.
Givaudan, Kühne+Nagel and Amrize were among the three decliners in the SMI, with Givaudan down 1.6% and the others each falling 0.4%. The broader market sentiment was supported by Nvidia’s post-earnings surge, which lifted Asian equities and reinforced demand for chip supply chain stocks.
Oil prices declined on reports that Iran and Oman are negotiating an agreement to reopen the Strait of Hormuz, a critical chokepoint for global oil and gas shipments. Brent crude fell 0.9% to $87.04 per barrel, while West Texas Intermediate (WTI) dropped 0.9% to $81.51. Both benchmarks have fallen more than 6% since Monday, easing supply disruption concerns that had previously pushed prices higher and fueled inflation worries.
In European indices, the DAX was expected to open flat, following a modest gain of 0.02% on Wednesday to close at 26,285.96 points. U.S. inflation data released on Wednesday tempered investor optimism, with the core Personal Consumption Expenditures (PCE) index holding steady at 3.7% year-over-year in July, above the 3.6% forecast. The PCE index is the Federal Reserve’s preferred inflation gauge.
Nvidia’s quarterly results, which exceeded revenue and profit expectations, continued to influence global markets. The company’s stock rose over 4% in after-hours trading after an initial dip, with its guidance viewed as a barometer for AI sector growth. Analysts noted the company’s robust demand for AI chips, though some questioned whether the pace of expansion could be sustained.
The Federal Reserve’s annual Jackson Hole symposium began on Thursday, with a speech by Fed Governor Kevin Warsh scheduled for Friday. The event, themed around financial innovation, is closely watched for signals on monetary policy amid persistent inflation and recent labor market softening. European consumer confidence data for September, due from GfK, is also expected to reflect ongoing caution among households amid geopolitical tensions and elevated prices.
In currency markets, the U.S. dollar strengthened slightly against the yen to 159.33, the yuan to 6.7207 and the Swiss franc to 0.8053. The euro traded nearly flat at $1.1655 and rose to 0.9385 francs. Gold prices increased 0.7% to $4,624.14 per ounce, while Bitcoin gained 0.8% to $79,043.18.
Among U.S. equities, the Dow Jones Industrial Average fell 0.21% to 53,463.88, the S&P 500 slipped 0.02% to 7,675.70 and the Nasdaq 100 edged up 0.05% to 29,224.52 after mixed performance earlier in the week.
In individual stocks, Abercrombie & Fitch surged over 33% after reporting quarterly sales that topped expectations and raising its full-year outlook. Intuit shares declined 3.2% following a disappointing guidance update, while Zoom Communications fell 7% on mixed quarterly results and a cautious outlook for the current quarter.
