Swiss and US markets rise on Fed independence, Logitech leads SMI

Swiss markets closed higher on Thursday, with the Swiss Market Index (SMI) advancing 0.6 percent to 13,947.31 points, marking its second consecutive day of gains. The mid-cap index SMIM rose 1.5 percent to 3,064.17, while the broader SPI increased 0.7 percent to 19,694.77 points. Logitech’s stock emerged as the standout performer, anchoring the SMI’s rally. Among the blue-chip stocks, UBS gained 0.3 percent, while Nestlé and Richemont advanced 0.9 percent and 0.5 percent, respectively. Swatch also rose 1.5 percent, reflecting positive export data. Conversely, Roche fell 0.4 percent, despite earlier positive study results, as analysts deemed the data less impactful given prior approvals. Smaller gains were seen in Helvetia Baloise (+5.3 percent) and Sandoz (+3.3 percent), with Galderma (+2.5 percent) joining them as mid-cap winners. Meanwhile, underperforming stocks included Alcon (-3.0 percent), Amrize (-1.5 percent), and Kühne+Nagel (-0.4 percent). Analysts’ bearish outlooks contributed to declines in Rieter (-16.3 percent), Ypsomed (-0.9 percent), and Medacta (-0.7 percent). In crypto, digital trading platforms Robinhood, Coinbase, and Webull saw gains of 1.5 to 2.5 percent, while traditional exchange operators CBOE and CME declined 1.5 and 1 percent, respectively. The U.S. Securities and Exchange Commission (SEC) announced a five-year exemption for tokenized securities, potentially accelerating digital asset trading. The Dow Jones Industrial Index recovered 0.5 percent to 51,700.34, while the S&P 500 rose 0.9 percent to 7,621.98, and the Nasdaq 100 gained 1.5 percent to 29,384.40. The Fed’s first rate hike in three years—despite being anticipated—reinforced market confidence in its independence, with analysts citing its commitment to inflation control as a stabilizing factor. The Dow Jones opened higher at 51,750.70 (+0.6 percent), the S&P 500 at 7,625.05 (+1.0 percent), and the Nasdaq 100 at 26,302.16 (+1.3 percent). Halbleiter stocks led gains in the Nasdaq 100, with Arm (+7.4 percent), Intel (+6.0 percent), and Micron Technology (+5.0 percent) outperforming. Nvidia rose 2.4 percent, while On Semiconductor rebounded 3.1 percent after earlier investor skepticism. Generac surged over 20 percent, benefiting from Amazon’s $8 billion generator supply deal and potential equity stake. Oil prices continued to decline, easing inflation concerns and supporting U.S. Treasury yields. Analysts noted cautious optimism about Saudi Arabia’s pipeline restoration, though market resilience remained uncertain. Pre-market indicators showed the Dow Jones at 52,120 (+1.3 percent) and Nasdaq 100 at 29,500 (+1.7 percent), signaling a positive start to trading.