The Swiss Market Index (SMI) closed 0.13% lower at 14,321 points on Tuesday, paring earlier gains as global equity sentiment soured. The index had briefly touched 14,303 points before easing, while the broader SPI fell 0.3% to 20,111 points and the SMIM index declined 0.90% to 3,149 points.
Swiss blue chips showed a mixed performance, with defensive sectors outperforming. Roche gained 1.45%, extending earlier advances of up to 1.1%, while Novartis rose 1.8%, supported by sector strength. Nestlé edged 0.6% higher, though Alcon outperformed with a 2.5% gain. Among the laggards, ABB fell 3%, extending losses after declines of up to 1.9% during the session. Holcim dropped 2.2%, Sika fell 2.1%, and Geberit slipped 1.1%.
Several smaller-cap stocks saw sharper moves. Basilea surged 10% after raising full-year guidance following a strong first-half performance, while Medartis climbed 6.4%. Huber+Suhner tumbled 11% after reporting disappointing margin trends in the first semester. VAT fell 4.6%, AMS-Osram dropped 6.4%, Inficon slid 4.5%, and Comet declined 4.5%. Recovery stories included SIG, which rebounded 2.9% after an 18% plunge the prior day, and Ypsomed, which added 2.5% after Barclays raised its price target.
U.S. equity futures pointed to a weaker open, with the Nasdaq 100 down 1.49% to 29,548 points in early trading. The Dow Jones Industrial hovered near flat at 53,434 points, while the S&P 500 fell 0.50% to 7,706 points. European equities also declined, with the Stoxx 600 down 0.6% to 652.63 points. The Nikkei in Tokyo dropped 1.6%, the Shanghai Composite fell 0.2%, and the Seoul bourse gained more than 3%.
In individual U.S. movers, Nvidia slipped 2.2%, while Micron, Sandisk, and Marvell Technology each fell between 4.9% and 6.8%. Home Depot shares rose modestly after beating second-quarter earnings expectations. Fabrinet plunged more than 18% on weak datacom sales, and Baidu dropped over 9% following a weaker-than-expected profit. Intuitive Machines fell 4.2% despite securing a NASA contract for a 2028 earth observation mission.
Commodity markets showed limited movement, with Brent crude trading near $91.34 per barrel and U.S. WTI crude up 0.7% at $85.06. Gold spot prices eased 0.5% to $4,391.14 per ounce, while U.S. December gold futures fell 0.6% to $4,446.70. The yield on the U.S. 30-year Treasury reached 5.321%, marking a 19-year high, while Germany’s 10-year Bund yield climbed to 3.248%, the highest since 2011.
