House Democrats contend the $15 per hour minimum wage bill will lift workers who have not seen the benefits of a strong economy.Politicsread more
The Philadelphia Fed saw its primary gauge measuring the sector jump from 0.3 in June to 21.8, far better than Wall Street estimates of 5 and the highest in a year.Economyread more
Stocks erased earlier losses, but the rise was kept in check as Wall Street digested a mixed batch of corporate earnings results.US Marketsread more
"It's better to take preventative measures than to wait for disaster to unfold," Williams told the annual meeting of the Central Bank Research Association.The Fedread more
The fact that interest rates are relatively low makes the idea of a so-called insurance rate cut later this month an attractive option for the Fed.Market Insiderread more
Video of the event does not show the president disagreeing with his supporters. Instead, it shows that Trump paused as the chant began, allowing his supporters to continue...Politicsread more
President Trump said he's looking at the JEDI Contract that will be awarded to Microsoft or Amazon.Technologyread more
Hacker Square at Facebook's headquarters pays homage to the company's early motto of moving fast and breaking things.Technologyread more
It's tempting to view Netflix as a possible replacement for the entire media ecosystem. But execs on its Q2 earnings call showed lower ambitions: It just wants to create the...Technologyread more
These are the stocks posting the largest moves midday.Market Insiderread more
Jeffrey Epstein, a former friend of Presidents Donald Trump and Bill Clinton, had asked a judge to release him on a bond of as high as $100 million or more.Politicsread more
By now you've probably heard the old market adage, "sell in May and go away", at least a dozen times. But is there any truth to it? Using hedge fund analytics tool Kensho, CNBC compared the market's performance from May through October with the returns from the other half of the year.
The strategy refers to a seasonal trading approach where an investor will cash out of equity holdings in May, staying in cash until Halloween, a period which historically sees a jump in volatility, and gets back into the market in November.
Since 1980, however, the rhyming maxim has not really played out.
While it is true the period from May through October underperformed the remainder of the year, on average, but if you implemented the strategy, you would have missed out on some upside.
From May through October the logged an average gain of 1.9 percent, trading positively 68 percent of the time. The Dow rose 1 percent, trading positively 62 percent of the time. The Nasdaq was the top performer of the three during this period, gaining 2.7 percent and trading positively 66 percent of the time. When compounded over a longer period, these gains can add up to significant returns.
Now, those returns significantly underperform the period from November through April. The S&P 500 gained an average of 6.8 percent, trading positively 79 percent of the time. The Dow was the most consistent performer of the three, trading positively 86 percent of the time, while logging an average gain of 7.9 percent. The Nasdaq once again lead on average returns, gaining 8 percent, while trading positively 71 percent of the time.
Disclosure: NBCUniversal was a minority investor in Kensho prior to the firm being acquired by S&P.