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%.

USA President Biden is trying to prevent Israel from attacking Iran's oil fields, while the USA hopes to influence Israeli Prime Minister Benjamin Netanyahu's response to ballistic missile attacks and prevent the region from descending into a full-scale war.

During a speech to reporters in the White House, Biden admitted that Israel will respond in some way. On Tuesday, Iran launched about 200 missiles at Israeli targets, and Netanyahu also vowed to respond soon. Biden stated that he will persuade Netanyahu not to act too aggressively, not encourage attacks on oil facilities, and previously mentioned that Israel should not attack Iran's nuclear facilities.

Biden said at the White House: "Israel has not yet reached a conclusion on how they will respond." He also said he does not know when there will be a response. "If I were in their position, I would consider other alternatives rather than attacking oil fields."

These remarks acknowledge that an attack by Israel on major oil infrastructure would be seen as a significant escalation, as concerns grow over potential supply disruptions, especially to China, which could disrupt the energy market. Following these statements, oil prices gave back gains with WTI crude oil rising 0.9% to above $74 a barrel, briefly surging 2.5%.

The day before, Biden stated that the USA was "discussing" the possibility of Israel attacking energy facilities, which caused oil prices to drop by 5%, highlighting the market's sensitivity. Overall, oil prices surged 9.1% this week, the largest weekly increase since March 2023.

Republican presidential candidate Donald Trump criticized Biden's actions at a town hall meeting in North Carolina on Friday evening, stating he believed retaliatory strikes should target Iran's nuclear facilities. He said, "I think he's wrong, the answer should be to strike nuclear facilities first, and then we can worry about other issues."

As Trump and Biden delivered speeches, Israel continued to attack the Lebanese capital Beirut and the south of Lebanon, targeting the Iran-backed militant group Hezbollah. Iran stated that if its allies Hezbollah and Hamas were involved in the actions in Gaza, it would support a conditional ceasefire.

Israel has intensified its actions to eliminate the threat from Hezbollah, with cross-border rocket fire over the past year resulting in the deaths of many top Hezbollah leaders, and troops being deployed to southern Lebanon for the first time since the 2006 war.

Biden said he is consulting with the Netanyahu government to decide how to respond to Tuesday's attacks. Iran launched approximately 200 ballistic missiles at targets across Israel. Although some missiles penetrated Israel's defense systems, they caused little damage. Netanyahu warned that Israel had no choice but to retaliate, with attacks possible at any time.

Iran's Supreme Leader Khamenei led Friday prayers in Tehran for the first time since January 2020, telling the crowd that if necessary, Iran would launch attacks again. So far, Iran has imposed the possible 'minimum penalty' on Israel. He urged Arab and Muslim countries to unite against what he called a common enemy. Khamenei said: 'We will not hesitate, nor rush to fulfill our duty.'

The USA and other Group of Seven (G7) members are considering imposing sanctions on Iran, following Iran's already crippling financial restrictions. When asked if the USA is considering new sanctions on Iran in terms of oil, Biden said: 'That's something that's being considered right now.'

Biden avoided questions about whether the upcoming US presidential election could influence Israel's decision-making or if Netanyahu is trying to influence the election results. Netanyahu had a friendly relationship with former US President Trump, and some experts suggest that this Israeli leader is waiting to see who will win the presidential election next month before considering a ceasefire.

Biden said: 'Whether he is trying to influence the elections, I do not know, but I don't expect that. No government has been more helpful to Israel than mine.'

Israel stated that its actions in Lebanon were necessary to end Hezbollah's year-long cross-border rocket attacks. Lebanese officials reported that the recent airstrikes in the past few weeks have resulted in over 1,500 deaths and approximately 1 million displaced. Lebanon reported that Thursday's airstrikes led to 37 deaths and over 150 injuries. Besides Beirut, Israeli warplanes also struck the south, northeast Bekaa Valley, and northern mountainous areas of Lebanon.

Editor / jayden