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Global Stock Market Index: 7th Jan ’24 Weekly Recap

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The equity market across the globe started on a negative note this New Year. The first week of 2024 witnessed a significant dip in almost all global market indices. The major factors that drove the markets south were geopolitical tensions, natural disasters, upcoming elections, and rate-cut probabilities. 

A snapshot of the major world market indices this week

IndexPrevious Day Change(%)WoW Change (%)
Dow Jones0.070.59
S&P 5000.181.52
Gift Nifty0.010.17
Nikkei 2250.270.26
Straits Times0.321.73
Hang Seng0.673.00
Taiwan Weighted0.172.30
SET Composite0.460.38
Jakarta Composite0.121.07
Shanghai Composite0.861.54
Source: Moneycontrol

The US market was affected by a heavy sell-off in the IT sector this week, which mainly dragged the market in the US and worldwide. On top of that, the Red Sea conflict increased, making the investors more concerned, which in turn pulled the market downward. Then, the labor market went up for uncertain reasons this week, which also worried the investors. 

Dow Jones:

The index dipped 0.59% at the end of the first week of 2024 due to the reasons mentioned above. However, on Friday, it gained marginally 0.07%. 

S&P 500:

This broad market index gained 0.18% on Friday but lost 1.52% during the week due to a significant sell-off in multiple sectors. 


This technology-heavy index witnessed the highest weekly fall of 3.25% due to a heavy sell-off in the IT sector. It was only on Friday that the index gained 0.09%. 

On the other hand, the European market was down due to increasing inflation numbers. As the inflation for December 2023 went up, investors’ hope for a fierce rate cut this year was reduced. This mainly took a toll on the equity market, while other geopolitical issues also played their part. 


This index lost 0.44% on Friday, while on a WoW basis, it went down 0.56%


The drop of 0.40% on Friday was similar to the above index, but on a WoW basis, this index lost 1.62%. 


On a WoW basis, it lost 0.945, while on Friday, it only went down by 0.14%. 

Almost every primary index in the Asian market was down for different reasons, from natural to geopolitical. The turmoil in the US and European markets added to the woes of these markets this week. 

Gift Nifty:

The Indian stock market was mixed this week and offered a lackluster performance. The Gift Nifty index was flat on Friday, ending in the red by a 0.01% margin, while on a WoW basis, it went down by 0.17% only. 

Nikkei 225:

Japan’s 2024 started with a deadly earthquake, which shook the entire country and took a toll on its stock market. This index fell 0.26% on a WoW basis, while it gained 0.27% on Friday. 

Straits Times:

The Singapore-based Straits Times witnessed a fall of 1.73% during the week, while on Friday, it went up by only 0.32%

Hang Seng:

As China’s economic data for December was mixed, it pulled the equity market down. This index fell sharply during the week by 3%, and even on Friday, it went down by 0.67%. 

Taiwan Weighted:

Taiwan’s market was mainly driven by concerns about the upcoming election. The index dipped 2.30% during the week and 0.17% on Friday. 


However, this Korean index witnessed the highest fall in its weekly performance. The index fell sharply by 3.445 during the week and 0.35 on Friday. 

SET Composite:

The equity market in Thailand remained flat during the first week of 2024. This index fell marginally by 0.38% during the week, while it went up by 0.46% on Friday. 

Jakarta Composite:

This is the only global index that ended in the green this week. On Friday, though it lost 0.12% on a WoW basis, it went up 1.07%. 

Shanghai Composite:

This Shanghai-based equity index was also dragged by geopolitical factors this week, ending with a loss of 1.54%. 

Wrapping up

The adverse start to the equity market was not specific to any particular economy or zone this week, as the world was under pressure for various reasons. However, Japan’s earthquake was the most unfortunate at the beginning of the year, which affected global investors too.

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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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