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DAX slips as oil prices rise and US tech expectations reset

The DAX is slipping back below 24,000 as higher oil prices, mixed US tech earnings and lingering Fed uncertainty weigh on risk appetite ahead of a heavy macro session.

written by

Andreas Lipkow

Chief Market Analyst

30 Apr 2026, 11:00

The DAX has lost its grip on 24,000

The DAX looks set to begin the final session of the shortened trading week under renewed pressure after failing to hold the 24,000 level. Risk appetite has weakened again, and the market now appears to be reassessing whether the latest rally had moved too far ahead of the underlying macro and earnings backdrop.

Oil and mixed US tech earnings are driving the latest risk-off move

Two factors are dominating sentiment. First, oil prices have climbed back to their highest levels since 2022, with Brent crude trading around $120 a barrel and adding fresh inflation concerns. Second, results from Alphabet, Amazon, Microsoft, Meta and Qualcomm have produced a mixed picture that has not been strong enough to fully satisfy investors.

That matters because large US technology stocks were a key pillar of the recent advance on Wall Street. If those names no longer provide a clear upside impulse, broader equity markets lose one of their most important sources of support.

The Fed did little to settle the rate debate

The latest signals from the Federal Reserve also failed to offer investors much clarity. Jerome Powell acknowledged inflation risks while also stressing the resilience of the US economy, leaving markets without a decisive steer on whether policy easing is still the more likely next step.

That uncertainty is enough to keep traders cautious, especially when higher energy prices are once again threatening to complicate the inflation outlook.

A heavy data session could keep the DAX in a lower range

The final trading day of the week still brings a dense flow of catalysts, capped by the European Central Bank meeting. In Europe, investors will watch German labour-market data, eurozone GDP and inflation figures, while the US session brings labour-market releases, the PCE core deflator and GDP. BASF and DHL have already reported, with Apple still due later in the day.

From a technical perspective, the source view suggests the DAX may trade between 23,500 and 23,850 for now. That would leave the index in a softer holding pattern unless the macro data or central-bank signals shift sentiment more decisively.

Trump extends ceasefire, but the DAX stays unfazed

The DAX may open slightly above the previous close, but the extension of the US ceasefire with Iran has done little to change the market's broader caution. Investors are balancing geopolitical risk against improving global data and a busy earnings session led by Tesla and Vertiv.

Big Tech is becoming both safe haven and bull-market engine

The biggest US technology companies are now doing two jobs at once: powering the rally through AI enthusiasm while also acting as defensive refuges thanks to strong balance sheets and resilient business models.

Brent oil nears key technical level

Brent oil is testing an important support area around $94, leaving the market at a technical crossroads. If that level continues to hold, Brent could rebound towards the converging short-term moving averages and potentially extend higher, but a break below support would weaken the outlook materially.