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The Swiss Stock Market Pulled Back From Yesterday's New High

The Swiss stock market dropped Wednesday, after reaching a new all-time high during the previous trading session. The pullback was largely attributed to profit taking after yesterday's jump.

However, concerns over U.S. bonds also contributed to the losses. A report from Bloomberg that Chinese officials have recommended slowing or halting purchases of U.S. Treasuries weighed on investors.

The Swiss Market Index decreased by 0.90 percent Wednesday and finished at 9,524.96. The Swiss Leader Index dropped 0.75 percent and the Swiss Performance Index lost 0.91 percent.

Sonova was among the weakest performing stocks of the session, tumbling 2.3 percent. Lonza weakened by 1.7 percent, Swisscom fell 1.9 percent and Kuehne + Nagel decreased 1.4 percent.

The index heavyweights all finished in the red Wednesday, which pressured the overall market. Novartis declined 1.4 percent and Roche lost 1.0 percent. Nestlé also finished lower by 1.4 percent.

Richemont surrendered 0.9 percent ahead of its financial report Thursday. Shares of rival Swatch also weakened by 0.8 percent. UBS raised its price target on the stock and reaffirmed its "Buy" rating.

UBS rose 0.1 percent and Credit Suisse gained 0.2 percent. Banks benefitted from rising U.S. bond yields on expectations for higher interest rates.

Julius Baer increased 0.2 percent after the company agreed to acquire the remaining 20 percent of Kairos for 96 million euros.

Dufry climbed 0.6 percent, Swiss Life gained 0.4 percent and Baloise added 0.1 percent.

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