23.06.202608:10:11UTC+00Tech Selloff Weighs on DAX

The DAX 40 slipped more than 1% to around 24,800 on Tuesday, erasing the previous session’s gains amid a broad tech-led selloff and caution ahead of updates on US-Iran peace talks. Heavy profit-taking in US technology stocks, driven by expectations of further Federal Reserve tightening, weighed on sentiment globally and dragged the German benchmark lower.

On the macro front, preliminary June PMI readings for Germany came in weaker than expected, adding to the downbeat tone. Infineon Technologies fell more than 4%, leading decliners on the index. Siemens Energy (-4%), Hochtief (-3%) and Volkswagen (-2.4%) also posted notable losses. Vonovia SE dropped over 2% after announcing a convertible bond issuance, while RWE AG slipped 1.4% following confirmation of its plan to acquire a majority stake in grid operator Amprion.