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Global Stock Market Index: 28th April ’24 Weekly Recap

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The global stock market took a breather this week and rallied on the back of positive economic indicators worldwide. Apart from the support from broader economic indicators, the markets around the world are also closely reacting to corporate quarterly earnings. 

With the situation in the Middle East not further deteriorating, investors around the world have breathed a sigh of relief but are keeping a close watch on developments. The rise in crude oil prices continues to make investors anxious, as it could further delay the rate cuts. Brent Crude oil is up by 2.18% in the last week and is already up by nearly 16% in 2024.  Gold prices were relatively stable this week and dropped by 2.46%.

A quick look at the global market performance last week.

IndexPrevious Day Change (%)WoW Change (%)
US Markets
Dow Jones0.400.67
S&P 5001.022.67
European Markets
Asian Markets
Nifty 50 -0.670.78
Nikkei 2250.812.34
Straits Times-0.233.26
Hang Seng2.088.80
Taiwan Weighted1.313.04
SET Composite-0.322.09
Jakarta Composite-1.69-0.72
Shanghai Composite1.160.76

Better than expected earnings by Alphabet and Microsoft helped the indexes rally higher and conclude the week positively. Alphabet gained the most during the week after announcing its first-ever dividend by the company and a $70 billion share buyback program. 

However, on the economic front, the US reported a slower-than-expected GDP growth of 1.6%, below the expected 2.4% in the first quarter of 2024. Also, with the rise of the personal consumption expenditure price index, inflation concerns are back now. 

Dow Jones

The Dow Jones Industrial Average index continues to be under pressure due to strong pullbacks in two of its constituents—IBM and Caterpillar—after their quarterly earnings report. On Friday, the index was up 0.4%, helping it to give a positive weekly closing of 0.67%. 

S&P 500

Despite weak GDP numbers, the market sentiment continues to be bullish as investors focus more on corporate earnings. During the week, the S&P 500 again reclaimed the psychologically important 5000 level, aided by the rally in technology stocks. 

On Friday, the index was up by 1.02%, and on a week-on-week basis, it was up by 2.67%. 


Nasdaq was the star performer of the week due to the rally in technology stocks, which lifted investors’ sentiment. On Friday, the index was up by 2.03%, concluding the week with a cumulative gain of 4.23%. 

European markets continued to scale higher during the week, regaining positive momentum on the back of strong corporate earnings numbers and the ECB likely cutting rates before the Fed. Positive economic indicators from major European countries also helped to lift the indices higher. 


The UK’s primary stock market index, FTSE 100, was the region’s star performer during the week, gaining 3.09% week-over-week and helping it reach record levels. The rally in the market was driven by a wave of strong earnings reports and BHP’s £31 billion takeover of Anglo American. 

CAC 40

The French stock market was sluggish during the week due to decreased consumer confidence in April. On Friday, the index rose by 0.89%, allowing it to end the week positively with a 0.82% gain.


The German government has slightly raised the economic forecast for the country, raising the full-year GDP forecast to 0.3% from 0.2%. And is expecting a 0.4% percentage point cut to inflation. On Friday, the index rose by 1.34% and concluded the week with a cumulative gain of 2.39%. 

Following the global cues, the Asian market stayed largely positive during the week, with all major indices surging higher. 

Besides global cues, corporate earnings and domestic factors continue to impact the market most. 

Nifty 50

The Indian stock market has been volatile this week owing to the election and the announcement of corporate profits. On Friday, key stock benchmark indices, including the Nifty 50, extended their gain but failed to close higher, ending the day down 0.67%. On a weekly basis, the Nifty 50 rose by 0.78%. 

Nikkei 225

The Bank of Japan’s monetary policy on Friday was the major highlight of the week. The bank kept the interest rates unchanged. 

On Friday, Nikkei 225 was up by 0.81% and concluded the week with a cumulative gain of 2.34%. 

Straits Times

Following the US counterparts, Singapore’s primary stock market index, Strait Times, showcased mixed trading during the week. On Friday, the index was down by 0.23% but concluded the week with good gains of 3.26%. 

Hang Seng

Increased investor interest from Mainland China has again pushed Hong Kong stocks higher. On Friday, Hang Seng was up by 2.08% and concluded the week with a gain of close to 9%, the best performance since December 2022.

Taiwan Weighted

The rally in tech and semiconductor stocks helped to push Taiwan’s primary stock indices. Taiwan Weighted Index was higher during the week. The benchmark index rose by 1.31% on Friday and 3.04% weekly. 


Gains in financial and tech stocks helped push the Korean index higher during the week. On Friday, the KOSPI was up by 1.04% and ended the week with a cumulative gain of 2.49%. 

SET Composite

Following the significant drop in the index the prior week, Thailand’s primary stock market index- SET Composite- mostly traded positively. On Friday, the index traded with a minor loss of 0.32% but concluded the week with a cumulative gain of 2.09%. 

Jakarta Composite

The Indonesian index, Jakarta Composite, fell this week. On Friday, it fell by 1.69%, wiping out the gain and closing the week with a 0.72% loss. 

Shanghai Composite

As the economy struggles under a property crisis, the Shanghai Composite Index surged 1.16% on Friday, contributing to a weekly rise of 0.76%. 

Wrapping Up

As we wrap up this week’s market review, optimism prevails amidst positive economic indicators and strong corporate earnings. Despite ongoing geopolitical tensions and concerns over rising crude prices, investors remain cautiously hopeful for continued market resilience. Stay tuned for more insights and updates as we navigate global finance’s dynamic and complex landscape.

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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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