Germany’s leading stock index, the DAX, remained largely unchanged on Tuesday as investors weighed a flurry of corporate earnings and looked ahead to key inflation data from the United States.

The DAX opened the day with a modest gain of 0.07%, starting at 23,583.74 points. However, the index failed to sustain the upward momentum, hovering around the flatline during trading. This came after the benchmark reached a new all-time high of 23,911.98 points on Monday.

In contrast, the TecDAX began the session with more noticeable gains, rising by 0.46% to 3,814.21 points, and continued to show positive movement throughout the day.

Despite the strong start, the DAX did not continue its upward run. The market is currently being shaped by a series of quarterly results from major firms, while all eyes remain on U.S. inflation figures for April, expected later in the afternoon.

“The real test now is whether recent gains can prove to be sustainable,” said Thomas Altmann, portfolio manager at QC Partners. He noted that after setting record highs, the DAX is no longer trading at a bargain. “Both the historical and projected price-to-earnings ratios are three points above the 20-year average,” he pointed out. Altmann also highlighted that the earnings season for DAX-listed companies is coming to a close this week, which could influence further movement on the market.

Among individual companies, several made headlines:

• Coinbase benefited from being added to an index.

• Sixt reported strong growth figures.

• Vonovia announced plans to issue convertible bonds worth billions.

• Hannover Rück maintained its outlook despite a drop in profits.

• CEWE kicked off the year with record revenue.

• Fraport reported a deeper-than-expected quarterly loss.

• Pfisterer confirmed its IPO pricing, expecting proceeds in the millions.

• QIAGEN acquired Genoox, a software company.

• LEG Immobilien posted higher profits and confirmed it remains on track with its targets.

Additionally, companies such as Plug Power, Bayer, BYD, Novo Nordisk, Munich Re, and Tesla drew investor attention on Tuesday due to earnings or strategic developments.

The market remains cautious, balancing optimism from stronger-than-expected economic indicators like the positive ZEW Index, against broader concerns over valuation and global inflationary trends. Investors are likely to adjust their positions depending on the upcoming data from the U.S., which may shape expectations around interest rate movements.