The Swiss stock market finished lower on Tuesday. The benchmark SMI index closed down 0.4 percent at 14,743 points. The mid-cap SMIM index, which is less influenced by heavyweights, declined 0.2 percent to 3,224.2 points, while the SPI index also posted a loss, dropping 0.3 percent to 20,811 points.
Among individual equities, Novartis shares finished slightly below the flatline. The second major pharmaceutical heavyweight, Roche, recorded a steep decline of 1.6 percent, and Nestlé shares gave up 0.3 percent. Conversely, defensive insurance stocks held in positive territory, with Zurich gaining 0.3 percent and Swiss Life rising 0.6 percent. The largest gains of the session were registered by ABB, which climbed 1.6 percent, and Lonza, which advanced 0.6 percent following its announcement of US business expansion plans.
Logitech and Geberit experienced the sharpest downward pressure among prominent issues, falling 2.8 percent and 2.2 percent respectively. The plumbing technology group Geberit released its quarterly financial figures on Tuesday morning; although analysts assessed the results as solid, investors moved to take profits following the strong performance of recent weeks. Construction-related peers Sika and Amrize also finished lower, dropping 0.9 percent and 0.7 percent respectively. Meanwhile, Galderma shares retreated 1.3 percent, weighed down by the unexpected departure of its chief financial officer, which had been announced on Monday evening.
Defensive equities found demand within the broader market as well, with Galenica gaining 0.7 percent. Semiconductor shares staged a recovery following early-session losses, lifting VAT by 0.6 percent, Inficon by 1.1 percent, and Comet by 1.1 percent. In contrast, AMS Osram shares declined 4.7 percent, extending losses after easing artificial intelligence enthusiasm triggered profit-taking in the previous week.
Clariant shares advanced 1.4 percent following the release of financial figures, recovering from downward pressure experienced during early trading. While the company reported sales figures that slightly exceeded expectations, its margin development fell short of forecasts. Bajaj Mobility shares dropped sharply by 13.8 percent, though the stock retains a year-to-date price gain of approximately 148 percent.
Burckhardt Compression recorded a substantial price surge, with its shares jumping 12.2 percent. The industrial group reported stronger-than-expected incoming orders for the first half of the 2026/27 financial year and confirmed its targets for the full year. Additional buying interest focused on equities that had faced recent pressure, leading to partial recoveries for Aryzta, which rose 2.4 percent, Cembra, which added 0.6 percent, and Rieter, which gained 2.3 percent. Basilea shares advanced 4.1 percent, benefiting from a milestone payment related to the antifungal medication Cresemba. Conversely, Sonova shares declined clearly by 1.3 percent following a downgrade to neutral by UBS, and DSM-Firmenich dropped 2.2 percent ahead of its quarterly results.
Wall Street indices traded without a unified direction on the day of the US midterm elections. The Dow Jones Industrial Average opened 0.7 percent lower at 51,620 points, the broader S&P 500 index rose 0.3 percent to 7,562 points, and the technology-focused Nasdaq index gained 0.8 percent to reach 25,369 points. Investor attention centered on the congressional elections, which serve as a referendum on the opening two years of President Donald Trump's second term. Polling suggested Democrats could capture the House of Representatives from Republicans, while the Senate majority remained uncertain. Kim Forrest, chief investment officer at Bokeh Capital Partners, noted that a divided government is viewed positively by markets because it prevents the passage of new legislation.
Market sentiment was additionally dampened by a share price drop at Apple, which fell 3 percent after warning of rising memory chip costs. This pressure was partially offset by a recovery across most chip equities. The technology-heavy Nasdaq index had closed more than ten percent below its record high on Monday, entering a correction amid growing investor anxiety regarding high artificial intelligence spending by major technology corporations without commensurate profit generation.
Crude oil prices fell significantly following a media report concerning potential progress toward resolving the US-Iranian conflict. After rising earlier in the day amid reports of renewed US military strikes against targets in Iran, prices reversed downward in the afternoon. The price for a barrel of Brent crude for January delivery dropped as low as 100.80 US dollars, representing a decline of nearly four percent compared to the previous day, after touching a daily high above 107 dollars in the morning. Market participants pointed to a report from Qatari media network Al Araby indicating that the US administration had approved a draft memorandum of understanding previously presented to Iran by a Qatari delegation.
