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%.
Author: Li Fu

On Thursday, $Carvana (CVNA.US)$ opening higher and rising, as of the deadline for submission, surged over 19%, closing at $247.01.

On the news front, the company announced better-than-expected third-quarter performance. Revenue was $3.66 billion, higher than the estimated $3.45 billion. Earnings per share were 64 cents, higher than the estimated 17 cents. 108,651 autos were sold in the third quarter, a 34% year-over-year increase. The gross profit per unit was $7,427, an increase of $1,475 compared to the same period last year. Carvana expects retail vehicle sales volumes to increase year-on-year in the fourth quarter. The company also expects full-year adjusted EBITDA to exceed the upper end of the previously guided range of $1 billion to $1.2 billion.

"As we integrate our business and leverage our national footprint, we have not only driven efficient growth, improved customer experience, reduced costs, but also strengthened our wholesale platform," said Carvana's co-founder and CEO Ernie Garcia. "With only a 1% market share in a massive market, possessing significant growth potential and receiving positive feedback during business expansion, we are just getting started."

Editor/Jeffy