U.S. equities opened unevenly on Monday, with the Dow Jones Industrial Average up 0.1% to 53,234 points, while the S&P 500 slipped 0.3% and the tech-heavy Nasdaq 100 fell 0.6%. Futures pointed to a softer start, with Dow Jones futures down 0.19%, S&P 500 futures down 0.32% and Nasdaq 100 futures down 0.80%.
The Swiss Market Index (SMI) extended losses, declining 0.47% to 14,451 points, as ABB shares dropped 1.35% to 79.12 Swiss francs, erasing earlier gains. Richemont led advancers with a 1.67% rise, followed by Amrize at 1.3%, while Roche shares fell 1.46% to the bottom of the index. The broader Swiss Performance Index (SPI) dipped 0.01% to 20,314 points.
Oil prices retreated after last week’s gains, with Brent crude for October delivery down 1.1% to $93.10 per barrel (159 liters), and U.S. WTI crude down nearly 2% to $85.53. The decline followed a five-day rally that pushed Brent nearly 20% above its early-August low of around $78. The pullback reflected profit-taking after geopolitical tensions in the Middle East drove prices higher.
Market focus remains on three key events this week: U.S. Treasury Secretary Scott Bessent’s announcement of new sanctions against Iran, Nvidia’s second-quarter earnings due Wednesday, and the Federal Reserve’s annual Jackson Hole symposium starting Thursday. Bessent is scheduled to outline what he described as “the harshest sanctions in history” in a Monday press conference in Washington, aiming to pressure Iran to reopen the Strait of Hormuz. Iran has warned of severe consequences if the U.S. escalates economic measures.
Analysts expect the Fed’s Jackson Hole meeting to provide clues on the interest-rate path amid elevated oil prices and rising bond yields. Fed Chair Kevin Warsh’s speech on Friday is particularly scrutinized, with investors debating whether his remarks will emphasize inflation concerns or bond-market stability. “The key will be whether Warsh is more worried about inflation or the bond market,” said Josh Gilbert, analyst at eToro.
Nvidia’s quarterly results, due after the U.S. close on Wednesday, are widely anticipated. While growth is expected, the focus will be on whether the chipmaker can surpass elevated market expectations. Nvidia shares were down 0.1% in pre-market trading, while Intel fell 1.9% and AMD dropped 1.7%. H.B. Fuller declined 0.8% after its board rejected an offer from Ancora for its Building Adhesives unit.
In Switzerland, Roche and Novartis weighed on the broader market, with Roche down 1.3% and Novartis down 0.3%. Logistics group Kühne+Nagel led decliners with a 1.5% drop following the announcement of the death of majority shareholder Klaus-Michael Kühne. Vetropack surged 2.3% after last week’s strong half-year results, while DocMorris gained 2.1% on a Deutsche Bank upgrade to “Buy” with a raised price target.
Sonova fell 0.3% despite launching a new AI-powered hearing aid line, as analysts noted competitive pressure from rivals. Geberit rose 0.6% after Citigroup raised its price target while maintaining a “Neutral” rating, and Sika gained 0.4% following a UBS upgrade to “Buy.”
