This paper examines the stock market response to the COVID-19 pandemic, using daily data on confirmed cases, deaths, and stock market returns from 64 countries between January 22, 2020, and April 17, 2020. The study finds that stock markets negatively react to the increase in confirmed cases, with a stronger negative response in the early stages of the outbreak (first 20 days) and again between 40 and 60 days after the initial confirmed cases. The impact of deaths on stock markets is less significant. The analysis controls for country characteristics and systematic risk due to international factors, using panel data regression. The findings suggest that stock markets quickly respond to the pandemic and that this response varies over time, reflecting the evolving severity of the outbreak.This paper examines the stock market response to the COVID-19 pandemic, using daily data on confirmed cases, deaths, and stock market returns from 64 countries between January 22, 2020, and April 17, 2020. The study finds that stock markets negatively react to the increase in confirmed cases, with a stronger negative response in the early stages of the outbreak (first 20 days) and again between 40 and 60 days after the initial confirmed cases. The impact of deaths on stock markets is less significant. The analysis controls for country characteristics and systematic risk due to international factors, using panel data regression. The findings suggest that stock markets quickly respond to the pandemic and that this response varies over time, reflecting the evolving severity of the outbreak.