Indices · 12 November 2026
DAX Hits Fresh Records While S&P Steadies After Inflation Shock
DAX reaches all-time highs above 26,900 as S&P recovers to 7,620 following hot CPI data that sparked December rate-hike bets.
Ultimo Research
The S&P 500 closed at 7,619 on Wednesday, up 1.31%, while the DAX gained 0.54% to finish at 26,409 after touching an intraday record of 26,634. The week's rally came despite Chicago Fed President Austan Goolsbee calling the latest inflation data "borderline disturbing," noting that "we've got a real inflation issue on our hands". October CPI rose 0.4% month-on-month, the third consecutive month above expectations, driving the 10-year Treasury yield above 5%.
CoreWeave surged 24.7% after posting strong sales and upgrading guidance, easing AI-sector concerns, though Nvidia faced renewed pressure after reports of potential leadership changes, with the stock falling nearly 10% this week. Germany confirmed October inflation at 2.8% year-on-year, while the German Council of Economic Experts forecast 2026 GDP growth at 1.3%. Eurozone inflation accelerated to 4.0% in October, driven by energy prices jumping to 20.8%, the highest since December 2022.
What the calendar says
Friday, 13 November at 08:30 ET brings the October Producer Price Index, the next domestic inflation snapshot before the December FOMC meeting on 9 December. Wednesday, 11 November is Veterans Day; the bond market is closed though stocks remain open. The main European release is UK Q3 GDP on Thursday, 13 November, with consensus tracking 0.7% quarter-on-quarter. The producer-price print will test whether pipeline pressures continue to build after wholesale inflation surged 6.3% year-on-year in September, the fastest pace since December 2022.
S&P 500 technical picture
The S&P traded in a range roughly 7,320 to 7,785 from late October through the opening days of November. The index closed Wednesday at 7,619, above the mid-point of the recent consolidation. Support sits near 7,540–7,560, while the psychologically important 7,700 level marks the gateway to retesting the late-October peak around 7,785. A clean break of 7,320 would reopen the lows seen in early November near 7,280.
DAX40 technical picture
The DAX chart shows a powerful breakout above the 26,700 level that had capped October gains. Frankfurt's index closed at 26,390 on Tuesday after hitting an intraday record of 26,634, and on Wednesday pushed higher still to reach approximately 26,940. Immediate support now rests at the breakout zone near 26,600–26,700, with further backing at 26,400. Resistance above current levels is unmarked; the next round number lies at 27,000.
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