Market report: Tech balance sheets are no longer pushing the DAX forward

Market report on tech stocks DAX falls back again As of: October 22, 2026 • 6:36 p.m

The DAX gave up some of its gains from the previous day in volatile trading. He followed a weak Wall Street. Once again it was news from the US tech sector that moved prices.

In the middle of the week, it was a surprisingly strong result from Elon Musk's space and AI conglomerate SpaceX that brightened investors' mood. Today the disillusionment came. The results of the three tech giants Meta, IBM and Tesla, published the day before after the stock market closed in New York, were negatively received.

It only helped to a limited extent that DAX heavyweight SAP was convincing, recovered from initial losses during trading and closed in the black. The mega-topic of artificial intelligence (AI) always has a decisive influence on events and causes volatile markets worldwide - even if the main protagonists are almost all based in the USA.

The DAX gave up some of yesterday's gains in choppy trading and was ultimately only able to break away from its lows slightly. In the end, the leading German index closed 1.1 percent lower at 25,371 points. The day before, the index had gained a good 1.3 percent. The daily low was 25,318 points in the morning.

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Meanwhile, investors' fears of delivery disruptions due to an escalation of the conflict in the Middle East are driving oil prices up again. A barrel (159 liters) of the North Sea Brent variety increases in price by around 2.6 percent to a good $112. The trigger was renewed attacks by the Iran-backed Houthi militia on targets in Saudi Arabia.

The US government then ordered diplomats and their families to leave their missions in Saudi Arabia. In addition, the New York Times newspaper reported that the US and Israeli militaries had drawn up plans for renewed attacks on Iran after the US midterm elections on November 3rd.

"Efforts to defuse tensions in both Ukraine and the Middle East are unconvincing," commented Tamas Varga, oil expert at broker PVM.

Investors continue to be concerned about the situation in France. Today they once again threw French government bonds out of their portfolios. The yield on ten-year French government bonds peaked at around 5.11 percent, exceeding that of comparable US government bonds for the first time since 2013.

The reasons for the growing nervousness are France's high level of debt, political uncertainty ahead of next year's presidential election and difficulties in passing the budget. Ongoing street protests are putting an additional strain on the mood. In return, the prices of federal bonds increased - their yield fell to 3.34 percent.

Economy update from October 22nd, 2026 Melanie Böff, HR, Economy update, Tagesschau24, October 22nd, 2026 • 9:00 a.m. Wall Street is dominated by tech stocks. Things are going downhill in New York, especially on the Nasdaq technology exchange. While the Dow Jones index, the leading index of standard stocks, is trending little changed at midday local time, the Nasdaq 100 selection index is losing around two percent. In addition to significantly increased oil prices, the negatively received results from industry giants such as Meta, Tesla and IBM on business development are spoiling investors' mood.

“The message seems to be becoming increasingly clear: the market remains willing to reward large investments in AI, but is increasingly demanding on returns,” said Santiago Mateo, head of equities at CaixaBank AM. “Investors want evidence that investments are translating into stronger growth, better monetization and ultimately profits.”

This is exactly where investor skepticism and impatience are growing. The best example is Meta. The Internet company is investing a gigantic sum of $135 to $145 billion in the expansion of its AI infrastructure this year. The booming advertising business continues to provide the money for this.

However, the profit is heavily burdened by costs for legal disputes. CEO Mark Zuckerberg has to set aside almost ten billion dollars for this. In addition, a few hours before the interim financial statements were published, a judge sentenced the company to a fine of 25 billion dollars.

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Tesla also has to bear high costs for AI investments. Elon Musk wants to focus Tesla on self-driving robotaxis and humanoid robots. That's why Musk won't like the fact that profits have fallen by more than 40 percent. Only around $800 million remained on the bottom line, while sales stagnated at around $28.05 billion.

This topic in the program: tagesschau.de | Stock market: Daily conclusion with DAX closing - DAX falls back again | 10/22/26 | 5:48 p.m