The Swiss Market Index closed the session with a minor decline of 0.1 percent at 14,802.52 points. Following a weak start to trading, the benchmark index gradually worked its way upward over the course of the day. The negative performance was primarily attributed to pronounced drops among major pharmaceutical stocks, while a noticeable decline in oil prices and supportive US leads provided some relief. Ahead of US midterm elections and upcoming quarterly figures from Apple, numerous market participants maintained a cautious stance.
Despite the slight dip in the headline index, market breadth remained robust as 15 of the 20 index members finished in positive territory. Among the leading performers within the benchmark were Amrize with a 4.4 percent gain, Sika rising 3.2 percent, and Holcim advancing 3.1 percent. Conversely, the bottom of the table featured Novartis down 1.7 percent, Roche losing 1.5 percent, and Galderma falling 0.7 percent. Novartis retreated following a fresh sell rating from Deutsche Bank citing missing catalysts and patent risks, whereas Roche was downgraded to neutral by UBS following a strong price rally.
The defensive heavyweights prevented the market from entering positive territory, as Novartis and Roche exerted notable downward pressure while Nestlé, down 0.1 percent, provided virtually no counterweight. Medical technology issues traded consistently firm, with Straumann gaining 3.3 percent, Alcon up 2.3 percent, and Sonova rising 0.5 percent. Computer accessories maker Logitech advanced 0.3 percent on an recovery course supported by firm US futures following losses in the previous week.
Within the broader market, several corporate developments triggered sharp price movements. Autoneum shares surged 9.4 percent after the group announced the planned acquisition of French supplier Trèves Group to substantially expand its business. Medartis shares appreciated by 6.9 percent as the orthopedics company signaled an upcoming surpassing of its previous growth forecast, driven by strong US business. On the other hand, Arbonia dropped 13.4 percent following a renewed guidance cut. Cembra lost 6.9 percent after a sell downgrade from UBS, and Oerlikon declined 4.3 percent following a sell recommendation from Research Partners.
New York exchanges recovered from notable losses incurred on Friday. Optimism prevailed among investors ahead of after-the-bell earnings from Apple and midterm elections for the US parliament. The Nasdaq 100 achieved a gain of 1.04 percent to 28,680 points during the first hour of trading, recovering from a drop of around three and a half percent driven by negative business outlooks from internet giant Amazon and semiconductor maker Intel ahead of the weekend. The Dow Jones Industrial Average erased its previous loss of roughly one percent by rising 1.14 percent to 52,358 points, while the broader S&P 500 advanced 0.93 percent to 7,651 points.
At US semiconductor firm Marvell Technology, a confirmed expansion of its AI infrastructure business via the acquisition of Lumentum resulted in a further stock decline of 5.3 percent. The transaction values the laser specialist at approximately 115 billion US dollars including debt, with the purchase to be financed entirely through Marvell shares. Lumentum shares dropped an additional 10 percent at the end of the Nasdaq 100, following speculation that had already emerged the prior week. Oracle shares fell 5.2 percent after a filing with the US Securities and Exchange Commission indicated plans to issue approximately 10 billion US dollars in new shares alongside 10 billion dollars in bonds, following last week's announcement to secure only 20 billion dollars in financial markets for growth financing through mid-2030.
Alphabet Class A shares recovered slightly, gaining 2 percent as the Google parent company reportedly initiated its second euro-denominated bond issuance of the year to test investor demand. Inovio Pharmaceuticals shares surged 190 percent after receiving accelerated approval from the US Food and Drug Administration for Voceryq, an immunotherapy intended for adult patients suffering from recurrent respiratory papillomatosis, a rare condition caused by human papillomaviruses that produces wart-like growths in the respiratory tract. Estée Lauder shares lost 1.4 percent despite reporting better-than-expected quarterly figures and raising its full-year targets following recent strong performance. Check Point Software shares dropped 5.9 percent after posting third-quarter revenue below average analyst consensus.
Piper Sandler confirmed its overweight rating for Take-Two Interactive with a price target of 290 dollars, supported by survey results indicating strong demand for Grand Theft Auto 6 ahead of its November 19 release. The broker's survey of approximately 9,000 youths showed that roughly seven out of ten respondents owning a PlayStation 5 or Xbox Series S/X intend to purchase the title.
