Stock market: Dax fights against downward pressure, oil prices fall

The German stock market started July with little movement, with a negative undertone. The DAX closed down 0.2 percent at 23,869 points in the morning. "After the price gains of the past few days, the current consolidation in the DAX is more than healthy," emphasized analyst Jochen Stanzl of CMC Markets. He currently lacks "real positive momentum" and considers the stock market indicator attractive for profit-taking at a level above 24,000 points.

The MDax fell 0.1 percent to 30,463 points on Tuesday morning. The Eurozone index EuroStoxx 50 fell 0.1 percent.

Some momentum is coming from Wall Street, where the Dow Jones Industrial Average continued its recovery rally to its highest level since February. Meanwhile, the Nasdaq indices and the broad-based S&P 500 saw further record highs. The highest prices were reached well after the end of European trading. China's mainland stock markets, however, barely reacted to the positive economic data this morning.

July 9 remains a key date for investors. A resolution to the EU's trade dispute with the US must be found by then, otherwise European companies face tariffs of 50 percent on almost all exports to the US. Analyst Thomas Altmann of QC Partners pointed out, however, that the European Union is taking a major step toward US President Donald Trump (79): "The willingness to permanently accept the 10 percent base tariff shows how strongly the EU wants to reach a trade deal. This would give EU-based companies back their planning security."

Bayer shares might be worth a look. The stock reacted to news of the glyphosate dispute with price losses on Monday. They initially jumped to €27.44, but then plummeted. They were most recently down 5.2 percent at €25.58.

Bayer must wait for a landmark decision by the U.S. Supreme Court in the legal dispute over the herbicide. The Supreme Court intends to seek the U.S. government's opinion and thus delay its decision on whether to accept the case until the 2025/26 session. A ruling could then be issued by the end of the session in June 2026. This leaves uncertainty as to whether the Supreme Court will take up the matter, according to a market observer.

Tesla shares came under pressure on Tuesday. They recently lost 6.6 percent compared to the previous evening's close on the US Nasdaq stock exchange. This likely reflects investor caution ahead of the second-quarter sales figures expected on Wednesday, but above all, the renewed dispute between Tesla CEO Elon Musk (53) and US President Donald Trump (79). Both lashed out at each other on social media on Monday and overnight (local time).

Also in focus on Tuesday: Kontron . The Austrian high-tech company is divesting its Jumptec module business. Congatec, a subsidiary of Deutsche Beteiligungs AG (DBAG), is acquiring a 96 percent stake in Jumptec through a capital increase, according to the company. The transaction has already been completed, according to the company.

Oil prices continued their recent losses on Tuesday. The expected expansion of production by the OPEC+ oil alliance remains in focus. A barrel (159 liters) of Brent crude from the North Sea for delivery in August cost $66.46 this morning, down 28 cents from the previous day. The price of a barrel of the US crude grade WTI fell by 31 cents to $64.80.

The major members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies are expected to approve another significant production increase at their meeting on Sunday. The countries are expected to approve an increase in production of 411,000 barrels per day, with another step likely to follow next month, said commodity expert Robert Rennie of Australia's Westpac Banking Corp.

Oil prices have been under significant pressure again for about a week following the agreement of a ceasefire between Israel and Iran. Prior to this, fears of an Iranian blockade of the Strait of Hormuz, one of the most important shipping routes for oil, had also pushed prices up significantly.