Market report: Can the DAX defend the 26,000?

Market report Despite high oil prices, DAX is heading for a big weekly gain As of: October 30, 2026 • 10:25 a.m

The DAX slipped back below 26,000 points in early trading, but it remains within striking distance. Despite rising oil prices and weak balance sheets from Intel and Amazon, the leading German index remains stable.

The leading German index fell by 0.2 percent to 25,990 points in early trading. On Thursday, the DAX ended trading with an increase of 1.3 percent to 26,039 points. The weekly increase is currently around three percent.

“The DAX broke the psychologically important mark of 26,000 points yesterday. But at the end of the week the air is getting thinner for buyers,” says Salah-Eddine Bouhmidi, market expert at IG. "Weak reactions to US technology numbers and geopolitical uncertainties could initially slow down the recent upward momentum."

Some headwind is coming from the raw materials market today. Concerns about another US military strike against Iran are rising, and so are oil prices. At times they reach their highest level since April. Brent oil is heading for a monthly increase of around eleven percent, WTI was facing an increase of around 14 percent.

“Ongoing military operations around the Strait of Hormuz are keeping oil prices high,” said MST Marquee energy analyst Saul Kavonic. There are also doubts about a diplomatic solution; an escalation of the conflict is expected in the coming weeks.

Fresh company figures could become a further negative factor. Amazon and Intel, two heavyweights in the US tech industry, presented their balance sheets in the evening after the US stock market closed. From the perspective of investors, they were not convincing.

At the chip company Intel, profits fell by almost 20 percent. The forecast for business prospects was disappointing. At Intel, there is also a downside to the AI ​​boom: demand is so high that the company was unable to meet it. There are also shortages of important raw materials. After the US stock market closed, the shares fell by around 20 percent.

The online retailer said the outflow of cash has increased almost sixfold to $42.4 billion in the past three months. Investors are wondering how the gigantic investments can ever be earned. This development is worrying, said portfolio manager Dave Wagner from asset manager Aptus. "The operational business generates plenty of money, but the investments swallow it up completely."

These do not bode well for the start of US trading. At this early hour on the futures market it looks as if the US technology exchange Nasdaq is losing a lot of ground.

This topic in the program: tagesschau.de | DAX start, strong weekly balance, oil price | 10/30/26 | 9:23 a.m