Source: Zhitong Finance "Since 1950, the S&P 500 index has risen more than 10% 21 times as of the end of May. In about 90% of these cases, the S&P 500 index rose for the rest of the year. There were only two instances of declines for the rest of the year, in 1987 (-13%) and 1986 (-0.1%)." With the rebound of the stock market, the old adage "Sell in May and Go Away" seems to have been a bad advice once again. Last month, the S&P 500 index rose 4.8%, the best May performance since 2009. The NASDAQ 100 index rose nearly 6.2%, and the NASDAQ Composite Index rose 6.9%. Goldman Sachs FICC & Equities Trading Division said: "History doesn't really support this saying. Don't sell, leave the market (go on vacation), and enjoy the good times." The rising trend is still to be continued? If history is any guide, it may indicate that the rise of the stock market is not over yet. Looking ahead to the rest of 2024, Scott Rubner, Managing Director of the Goldman Sachs Global Markets Division and tactical expert, pointed out the following historical background for investors. Rubner stated that the S&P 500 index has risen 10.7% year-to-date, and since 1950, the S&P 500 index has risen more than 10% 21 times as of the end of May. In about 90% of these cases, the S&P 500 index rose for the rest of the year. There were only two instances of declines for the rest of the year, in 1987 (-13%) and 1986 (-0.1%). "Since 1950, the median return of the last 7 months of each year (June 1 to December 31) is 5.4%. In the aforementioned 21 cases, the average performance of the last 7 months increased to 8.1%." Rubner added. Rubner also pointed out that the NASDAQ index has risen for 16 consecutive Julys, with an average return of about 4.64%.
Tesla investors, Norway's largest retirement fund KLP plan to vote in favor of a shareholder proposal urging the American electric car manufacturer to participate in wage and other labor negotiations in Sweden while still facing labor action.
According to reports,$Tesla (TSLA.US)$Investors, Norway's largest retirement fund KLP plan to vote in favor of a shareholder proposal urging the American electric car manufacturer to participate in wage and other labor negotiations in Sweden while still facing labor action.
Tesla mechanics' strike in Sweden is one of the longest labor disputes in the country, and since October 27 of last year, the strike has disrupted operations, causing concern among Nordic institutional investors and sympathy strikes in the Nordic region.
Tesla's annual shareholders meeting will be held on June 13.
There is a proposal from four institutional investors on the agenda of the meeting, calling on Tesla to "adopt a clear commitment not to interfere with and engage in good-faith negotiations... on freedom of association and collective bargaining."
Kiran Aziz, head of investments at KLP, said, "We will support this proposal. We hope it will also receive strong support from other shareholders."
According to LSEG Workspace data, KLP held 900,000 shares of Tesla stock worth about NOK 1.7 billion ($162 million) at the end of February, representing about 0.02% of the shares outstanding. Last summer, the company excluded Tesla stock from its sustainable development fund.
Tesla's tough stance on unions may be damaged.
Sweden's AMF retirement fund will also support the motion and is actively seeking support from other investors.
In a statement on May 17, it said: "The right to freedom of association... and collective bargaining are basic human rights protected by international norms."
This conflict could have broader implications for Tesla, as if Tesla caves in Sweden, its tough stance on unions worldwide may be damaged.
Tesla did not immediately respond to a request for comment.
KLP will also vote against proposed plans to move Tesla from Delaware to Texas and against approving CEO Musk's $56 billion compensation plan.
Aziz said, "We think the reason for (relocating to Texas) is not compelling and convincing." He referred to Tesla's description of Texas as its "home" and one of its top factories.
She pointed out: "It is not yet clear what tangible benefits the move would bring, but it will clearly bring extra costs and potential risks." But she did not elaborate on those risks.
As for Musk's compensation plan, Aziz said: "We voted against it as early as 2018. We still consider it too high and it will have a wide-ranging dilution effect on existing shareholders."
In April of this year, Tesla reported its quarterly revenue fell for the first time since 2020 to $21.3 billion in the three months ending in March, down from $23.33 billion in the same period last year. Analysts on average expected $22.15 billion, according to LSEG data.
Editor / jayden