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Global Stock Market Index: 19th May ’24 Weekly Recap

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Investor sentiment continued to remain upbeat around the globe, boosted by strong earnings reports in the first quarter of 2024 and improving economic indicators. However, there are a few outliers.

Chinese economic data released indicate persistent problems in the economy as it fails to drive up retail consumption and also witnessed a slowdown in investments. On a broader note, the global market is looking more towards central bank commentary on rate cuts. Gold climbed 2.13% this week, bringing its overall gains to 16.83% in 2024. Silver is also witnessing strong gains and has risen by 60% in the last year. 

A quick look at the global market performance last week

IndexPrevious Day Change (%)WoW Change (%)
US Markets
Dow Jones0.341.24
S&P 5000.121.54
European Markets
FTSE 100-0.22-0.16
CAC 40-0.26-0.63
Asian Markets
Nifty 50 0.442.50
Nikkei 225-0.341.46
Straits Times0.260.69
Hang Seng0.913.11
Taiwan Weighted-0.222.65
SET Composite0.360.79
Jakarta Composite0.963.07
Shanghai Composite1.00-0.02

The US market closed the week on a positive note after inflation cooled down more than expected in April, fueling bets of Fed rate cuts as early as September. Also, a rally in tech stocks on the back of strong earnings has kept the overall momentum positive. 

Dow Jones

This week, the 30-component stock index, the Dow Jones Industrial Average Index, has broken above the 40,000 market. It was the fastest 10,000-point climb for the index, which has more than doubled since its pandemic low. Robust Walmart earnings and favorable inflation data supported the index’s climb to record levels. On Friday, the index was up by 0.34%, and on a week-on-week basis, it was up by 1.24%. 

S&P 500

The S&P 500 index broke above the 5300 level for the first time due to strong investor sentiment and favorable economic conditions. In Friday’s session, the index traded on a flat note and was up by 0.12%. It closed the week with a cumulative gain of 1.54%. 


Nasdaq pulled back slightly during Friday’s session because of profit booking in top tech stocks. However, the index managed to close the week on a positive with cumulative gains of 2.11%.

The European market traded on a weak note as the latest ECB commentary suggests that there is no hurry to cut interest rates. This affected investor sentiment despite favorable inflation data. If the ECB’s rate cut plans in coming weeks significantly differ from earlier communications, we may see some correction in the market, which can affect its momentum. 

FTSE 100

FTSE 100 traded in a new record high level before giving up the gains due to mixed signals. In Friday’s session, the index was down by 0.22%, pulling down the index to red on a weekly note. The index was down by 0.16% on a week-on-week basis. 

CAC 40

CAC 40, the Paris-based index, was down by 0.26% after the close on Friday. On a weekly basis, the index was down by 0.63% due to a lack of triggers and mixed signals from the ECB.


Due to mixed global signals, the German primary stock index slowed its upward trend this week. The index fell 0.18% on Friday and ended the week with a slight loss of 0.36%.

US inflation reduction and rising hopes for Fed rate cuts helped key Asian stock market indices maintain their upward trend. However, concerns surrounding the revival of the Chinese and Japanese economies continue to be a big headache for investors that could affect global growth. 

Nifty 50

The Indian market was largely positive during the week due to healthy earnings growth reported by corporates in the March quarter of FY24. The Nifty 50 was up by 0.44%, which helped the index report a cumulative weekly gain of 2.50%. 

Nikkei 225

The Japanese economy contracted by 0.7% in the first quarter of 2024 as consumer spending recorded its long downward streak since 2009. On Friday, Nikkei 225 was down by 0.34%; however, it managed to conclude the week on a positive note and was up by 1.46%. 

Straits Times

Following the global cues, Singapore’s primary stock market index, Strait Times, was up by 0.26%, and on a week-on-week basis, it concluded the week with a cumulative gain of 0.69%.

Hang Seng

The Hang Seng index continued to witness bullish momentum throughout the week due to attractive valuation in Chinese stocks. The index was best performing among global peers. In Friday’s session, the index was up by 0.91%, taking the total weekly gain to 3.11%. 

Taiwan Weighted

Although the Taiwan Weighted Index was weak during Friday’s session by 0.22%, the index was up by 2.65% on a weekly basis. The index was supported by non-tech sector stocks with large-cap financial stocks in focus. 


Hopes of a Fed rate cut failed to excite investors in the Korean market. KOSPI, Korea’s primary stock market index, was down by 1.04% in Friday’s session, wiping out the week’s gains and closing the week with a slight loss of 0.11%. 

SET Composite

Throughout the week, market mood remained mixed. The SET Composite, Thailand’s key stock market indicator, increased 0.36% on Friday and 0.79% week over week. 

Jakarta Composite

Strong upside momentum in the Indonesian stock market pushed the Jakarta Composite to post a record high level. The index was up by 0.96% on Friday and was up by 3.07% on a week-on-week basis. 

Shanghai Composite

Weak economic signals pushed lower China’s benchmark Shanghai Composite Index. On Friday, the index was up by 1%, but closed the week flat with a minor loss of 0.02%. 

Wrapping Up

Investors will continue to focus on central banks’ actions and their impacts on the market. They will also closely monitor economic indicators and corporate earnings to gauge the health of global economies. 

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I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.

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