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Global Stock Market Index: 7th July 2024 Weekly Recap

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The global stock market traded with a positive bias this week, with all major indices closing higher. Encouraging economic indicators from the United States and around the world helped the market continue to rise despite emerging political uncertainty in the US and Europe.

One concerning development is the rise in crude oil prices, which has the potential to derail inflation-fighting measures. Brent Crude is up by 2% this week and is close to the $87 mark. And gold is up by 2.63% during the week. 

Let’s take a look at how the major stock market indices did this week

IndexPrevious Day Change (%)WoW Change (%)
US Markets
Dow Jones0.170.66
S&P 5000.541.95
European Markets
FTSE 100-0.460.30
CAC 40-0.261.92
Asian Markets
Nifty 50 0.091.17
Nikkei 2250.003.99
Straits Times-0.852.02
Hang Seng-1.280.47
Taiwan Weighted0.142.84
SET Composite0.830.19
Jakarta Composite0.452.69
Shanghai Composite-0.26-0.59

Traders reacted positively to the better-than-expected non-farm payroll data, which increased their bet on a less hawkish Fed and a possible one-rate cut during 2024. The strength in AI and tech stocks provided support to the market. 

Let’s see how the world’s most tracked indexes performed. 

Dow Jones

The Dow Jones Industrial Average Index failed to move higher despite the strong momentum and traded in a range-bound fashion. It was mostly flat during Friday’s session and was slightly up by 0.17%. On a week-on-week basis, it was up by 0.66%.

S&P 500

The S&P 500 index finally managed to break above the psychologically important 5500 level. In Friday’s session, the index was up by 0.54%, concluding the week with a cumulative gain of 1.95%. 


The week after profit booking in AI and tech stocks, bulls returned to the market, taking the Nasdaq to historic highs. On Friday, the index was up by 0.90%, and on a week-on-week basis, it gained 3.5%. 

Political uncertainty eased in France, and the UK Labor Party won the general election with a large majority, helping to cool investors’ nerves and boost confidence.  On the other hand, despite the rate cut in June, the European Central Bank continued to be slightly hawkish as uncertainties regarding future inflation, productivity, and profits remain. 

Let’s look at how the top three European indexes performed during the week. 

FTSE 100

The UK stock market was largely volatile during Friday’s session because of the election result announcement and the shift of power to the Labor Party. The FTSE 100 was down 0.46% but concluded the week with a cumulative gain of 0.30%. 

CAC 40

French stocks rose this week, snapping a weeks-long losing streak. In Friday’s session, the index was slightly down by 0.26% and on a week-on-week basis, the CAC 40 closed nearly 1.92% higher. 


The German economy continues to struggle as manufacturing and industrial activity declines. On Friday, the DAX traded flat, rising 0.14%. On a weekly basis, the index rose by 1.45%, mostly in line with all major exchanges. 

Taking cues from the US and European markets, most Asian indexes traded on a positive note during the week. Domestic factors also influenced the market. Let’s take a closer look at how the various Asian indices performed over the week. 

Nifty 50

Led by gains in heavyweight stocks due to heavy FII buying, the Nifty 50 hit an all-time high on Friday, surpassing the 24,300 level. The market was quite volatile on Friday, but it managed to close with a slight gain of 0.09%. On a weekly basis, the Nifty 50 rose by 1.17%.

Nikkei 225

Continuing the previous week’s positive momentum, Nikkei 225 continued its upside momentum during the week. Despite the flat close on Friday, the index concluded the week 3.99% higher. 

Straits Times

Singapore’s primary stock market index traded on a positive note throughout the week. Although it was down by 0.85% on Friday, it was up by nearly 2% week-on-week to close the week on a higher note. 

Hang Seng

After China reported underwhelming manufacturing data, which raised concerns surrounding the economy’s slowing down, the Hang Seng index fell significantly in Friday’s session, losing 1.28%. On a week-on-week basis, the index was up by 0.47%.

Taiwan Weighted

Taiwan Weighted once again displayed strong momentum during the week, helping it to retain the title of the best-performing index in the world in 2024 for another week. In Friday’s session, the index was up by 0.14%, concluding the week with a cumulative gain of 2.81%.


KOSPI continued to soar for the fifth consecutive week. On Friday, the index gained 1.30% and registered a weekly gain of 2.81%.

SET Composite

Thailand’s equity shares closed up 0.83% on Friday, helping to offset the week’s loss. On a week-on-week basis, the index rose by 0.19%.

Jakarta Composite

The Indonesian stock market rose throughout the week, reaching a 0.45% high on Friday. The index rose by 2.69% weekly.

Shanghai Composite

The Shanghai Composite Index registered a modest loss for the week. The country’s manufacturing activity contracted for the second consecutive month in June. The Shanghai Composite index was down by 0.26% on Friday and 0.59% on a week-on-week basis.

Wrapping Up

As the global stock markets close the week on a high note, investors remain cautiously optimistic about the future. The encouraging economic indicators from the United States and around the world suggest that markets will continue to rise, though political uncertainty in the United States and Europe may cause some volatility.

It will be critical to closely monitor economic and political developments and sector-specific performance to effectively navigate the changing market dynamics.

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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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