DAX closes 0.43% lower after reaching record high

Frankfurt, November 5, 2026 - The DAX ended Thursday's Xetra session 0.43% lower at 26,325.01 points. The German blue-chip index had climbed to a new intraday record of 26,692.90 points before reversing later in the session.

Record high followed by reversal

The closing level was 112.66 points below Wednesday's close of 26,437.67. According to dpa-AFX, published by t-online, investors initially extended the optimism triggered by the Democrats' decisive victory in the US midterm elections. The DAX nevertheless moved into negative territory as trading in the United States became more turbulent.

Technology and defence stocks weigh

Concerns about the outlook for artificial-intelligence investments affected technology stocks and spread to the broader Nasdaq market, according to the same report. The shift in sentiment limited the impact of the earlier election-related risk appetite.

Rheinmetall was also among the main drags on the index after the defence group lowered its 2026 outlook for a second time in several months. The shares fell by more than 16% during the session, according to finanzen.ch. Infineon, Hochtief and Commerzbank were also listed among the weaker DAX constituents, while Zalando, Bayer and Fresenius Medical Care were among the stronger performers.

Investor focus remains divided

The session showed how quickly the market's focus can shift from political relief and a new index record to concerns about technology valuations and company-specific earnings news. The DAX's close below the previous session's level therefore did not erase the day's record high, but it marked a clear loss of momentum by the Xetra close.

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