Daily Market Report – May 26, 2026

The international stock markets showed mixed results on Tuesday. After a strong recovery at the beginning of the week, new geopolitical tensions in the Middle East once again weighed on sentiment. The German benchmark index DAX (DAX) continued to move above the 25,000-point mark despite interim setbacks, after hopes for a possible agreement between the USA and Iran had recently led to significant price gains. The European STOXX Europe 600 TVC:SXW1 also remained close to its record levels. Investors are particularly watching the developments in oil prices, bond yields, and interest rate expectations.

Trading on the US markets was mixed. While the S&P 500 (SPX) gained moderately and technology stocks remained in demand, the Dow Jones Industrial Average (DJI) showed weaker tendencies. Particularly semiconductor and AI-related stocks benefited from sustained demand. Market participants also pointed to the increased uncertainty due to new military actions by the US against Iranian targets. The geopolitical situation thus remained the dominant short-term risk factor for risk assets and energy prices.

In the technology sector, semiconductor and AI stocks were particularly in focus. Micron Technology (NASDAQ: MU) surged by more than 17% at times to a new all-time high. The trigger was a significant increase in the price target by UBS, as well as the expectation that so-called HBM memory ("High Bandwidth Memory" – particularly fast high-performance memory for AI data centers and AI processors) will remain scarce for years. Analysts pointed out that the HBM production of major suppliers is already largely sold out for 2026. Investors increasingly view Micron as a central AI infrastructure stock, as high-speed memory is essential for training and operating large AI models. Also in demand were SK hynix (000660), Samsung Electronics (005930), as well as European semiconductor stocks like Infineon Technologies (XETR: IFX) and STMicroelectronics (EPA: STM).

The commodity markets remained volatile. The oil price for Brent Crude Oil (UKOIL) reacted sensitively to news from the Middle East. After a significant decline at the start of the week, prices stabilized again. Gold (GOLD) was also able to hold its ground in light of geopolitical uncertainty. Investors' focus is now increasingly on the upcoming US economic data, particularly regarding consumer confidence and the labor market, which could provide clues about the Federal Reserve's future interest rate path.