U.S. equities opened lower on Thursday as Walmart’s disappointing quarterly results weighed on retail shares and rising oil prices pressured broader risk sentiment.
The Dow Jones Industrial Average fell 0.7% to 53,110 points in early trading, while the S&P 500 declined 0.3% to 7,683 and the tech-heavy Nasdaq 100 dropped 0.7% to 29,290. Futures tracking the Dow slipped 0.13%, while Nasdaq futures edged up 0.1%. The SMI in Switzerland was down 0.45% at midday, extending losses from the prior session.
Walmart’s U.S. sales missed expectations in the second quarter, with pressure from pharmaceutical pricing weighing on profitability. The retailer’s shares fell 6% in pre-market trading, dragging down peers including Costco, TJX, and Home Depot. In contrast, agricultural equipment maker Deere & Co rose nearly 4% after posting better-than-expected earnings and forecasting a strong 2027 for the U.S. farm sector.
The luxury and cosmetics group Coty slumped 16% after reporting quarterly results and declining to provide full-year guidance, describing the current fiscal year as a transitional period.
Oil prices extended gains, with Brent crude rising 2.6% to $94.04 per barrel—the highest level in nearly four weeks—while U.S. WTI crude climbed 2.5% to $87.95. Analysts cited ongoing geopolitical risks in the Middle East as a potential drag on supply. "Tensions in the region remain elevated, increasing the risk of further supply disruptions," said UBS analyst Giovanni Staunovo.
Swiss market heavyweights Logitech and Swiss Re led declines, each down nearly 3%, with Logitech’s drop linked to a JPMorgan downgrade citing a challenging macro backdrop. Wolfspeed, a U.S. semiconductor firm specializing in silicon carbide chips, tumbled more than 12% in pre-market trading after reporting a 24.1% year-over-year revenue decline and a loss per share of $2.81 in the fourth quarter.
European chip stocks followed, with Infineon down 1% and STMicroelectronics falling 1.8%. The SMI’s losses were partially offset by gains in Geberit (+1.1%), Givaudan (+1.1%), and Amrize (+0.5%), while healthcare names Roche (+0.4%), Novartis (+0.1%), and Lonza (+0.3%) also advanced.
In corporate news, Centiel surged 12.8% following its recent market debut, while Valartis jumped 15.9% on positive half-year outlook commentary. DocMorris rose 2.8% after Wednesday’s results suggested a potential path to break-even. Analyst actions added to volatility: UBS downgraded Aryzta to ‘Sell’, Berenberg cut its target on Huber+Suhner, and raised its outlook on Sonova.
Bitcoin approached $70,000 for the first time since early June, rising to an intraday high of $69,994—a gain of more than 11% since last Friday. Analysts attributed the move to improving risk appetite and expectations for regulatory clarity in the U.S. cryptocurrency sector. President Donald Trump urged Congress on Wednesday to pass legislation defining clearer rules for digital assets.
Longer-term bond yields and the U.S. dollar came under pressure after the Treasury announced plans to significantly increase purchases of long-dated bonds, temporarily easing market stress. However, traders cautioned that the move does little to address structural fiscal imbalances, with U.S. federal debt surpassing $40 trillion for the first time earlier this week.
The SMI trimmed losses to trade roughly flat by midday, supported by gains in Roche and Novartis, while Implenia fell 5% following a post-earnings rally.
