Markets Swiss stock market up significantly after good Nvidia figures
The Swiss stock market rose significantly in early trading on Thursday. The main reason for this was the figures published by chip giant Nvidia in the USA the previous evening. These were unexpectedly good.
20.11.2025, 09:43
20.11.2025, 09:44
SDA
Market participants' fears of a bursting price bubble on the stock markets have thus been significantly alleviated. However, it remains to be seen how long Nvidia's "fuel will be enough to keep the market going", said one analyst.
Investors will continue to focus on US interest rate expectations. The US labor market report for September is likely to provide impetus for this. This will not be published until today due to the US shutdown. The jobs data are important for US monetary policy and influence expectations of interest rate cuts. The market is now only pricing in a 33% probability that the Fed will cut the key interest rate by a quarter of a percentage point in December.
The leading SMI index rose by 0.77 percent to 12,627.48 points at around 9.15 a.m. and the broad SPI by 0.81 percent to 17,357.26 points. In Frankfurt and Paris, the main indices even gained more than 1 percent.
Technology stocks benefit in particular
Among the individual stocks, technology stocks were in the spotlight following the Nvidia figures. They made particularly strong gains. For example, the shares of VAT, which produces components essential for chip production, rose by more than 7 percent.
Financial stocks such as UBS benefited indirectly, as a bursting of the AI bubble would have triggered poor stock market sentiment, including concerns about a financial crisis - and bank customers would also have traded fewer shares.
By contrast, defensive stocks such as pharmaceutical heavyweights Novartis and Roche or Nestlé were less in demand.
