24.06.202607:49:20UTC+00DAX Down for 2nd Day

The DAX 40 declined about 0.5% to trade below 24,800 on Wednesday, extending the previous session’s losses. Sentiment remained pressured as investors weighed the impact of a global technology selloff ahead of quarterly results from US chipmaker Micron.

Markets also closely monitored US–Iran negotiations, amid signs of improving maritime traffic through the Strait of Hormuz. Aerospace and defense shares were a major drag on the benchmark: Rheinmetall slumped more than 13% following reports that Germany may abandon plans for its largest warship since World War II and instead purchase eight smaller frigates from thyssenkrupp Marine Systems (TKMS).

In contrast, Deutsche Post inched up 0.4%, clawing back earlier losses after FedEx reported mixed earnings.