US stock-index futures rose before the opening bell on Friday, with the Dow Jones advanced 0.1% to 52,257 and the S&P 500 gaining 0.2%. The technology-heavy Nasdaq climbed 0.5% to 28,881.50.
In Switzerland, the SMI index fell 0.2% in morning trade, while the Mid-Cap SMIM rose 0.5% to 3,080.15 and the broad SPI dipped roughly 0.1% to 19,683.62. The SMI was steering toward a weekly gain despite three consecutive losing weeks.
On currency markets, the euro strengthened to 0.9474 Swiss francs by midday, up from 0.9463 in early European trading. The US dollar rose to 0.8251 francs from 0.8242, keeping the EUR/USD pair steady around 1.1482.
The day's headline came from Nestlé, whose shares fell as much as 2.1%. Russia placed several of the company's local subsidiaries under temporary foreign administration. Nestlé retains formal ownership of its stakes but has lost operational control. Analysts estimate Russia accounts for roughly 1–2% of group revenue, while the value of the Russian business is estimated at approximately 1.75 billion Swiss francs, raising the possibility of significant write-downs.
Pharmaceutical giants Novartis and Roche each gained about 0.4%, while ABB rose 1.4–1.7%. Logitech climbed 1.2% and Alcon added 0.7% at the top of the SMI.
Swisscom, which faces its final trading day in the SMI before being replaced Monday, fell 2.8–2.9%. Logistics firm Kühne+Nagel dropped 1.8% and will also exit the index. They will be succeeded by Galderma, up 2.4%, and Sandoz, up 2.7%, which will anchor the revised SLI ranking. Sandoz also announced it received Canadian market authorization for a generic version of the diabetes drug Semaglutid and entered a partnership for an Emicizumab biosimilar, the first hemophilia treatment added to its pipeline.
VAT rose 2.3% after Vontobel raised its rating to "Buy," calling the recent correction an opportunity. Amrize fell 0.9–1.1% after Jefferies lowered its price target to 30.60 francs from a recently traded level of 31.82. At Julius Bär, Amrize opened with a premarket loss.
Leonteq surged as much as 2.9% after major shareholder Rainer-Marc Frey increased his stake to nearly 30%, absorbing the remaining shares held by Raiffeisen Bank, which is exiting as a shareholder.
AMS Osram jumped 4.1% on positive commentary from Kepler Cheuvreux, which highlighted growing AI adoption in automotive and industrial sectors. Rieter fell a further 4.3%, unable to find a floor after a UBS downgrade to "Sell" triggered a 16% plunge the previous day.
Friday marked a major expiry date, with futures and options on stock indices and individual equities coming due, potentially amplifying intraday volatility.
Gold rose 1.4% to a peak of 4,399 dollars per troy ounce, extending a near 2% Thursday gain. Goldman Sachs projects the price could reach 5,400 dollars by the end of 2027, noting that tighter monetary policy may slow but not halt the rally.
Brent crude fell roughly 1% to 103.73 dollars per barrel, marking a third consecutive session of losses. Ahead of the week's close, market focus remains on the aftermath of the US Federal Reserve's first rate increase in three years.
