Magna Gold Corp Ordinary Shares Stock (OTC: MGLQF)

Latest News for Magna Gold Corp Ordinary Shares Stock (OTC:MGLQF)

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Magna Gold Corp Ordinary Shares

The traditional Wall Street adage &#8220;sell in May and go away&#8221; may not hold water this year, as analysts debunk the myth with strong evidence of positive stock market performance during the historically weak May-October period.
What Happened: The six-month period from May to October is often considered the worst for stock market performance. However, LPL Financial&#8216;s chief technical strategist Adam Turnquist pointed out that the average returns for the S&amp;P 500 during this period have been positive since 1950, <a href="https://markets.businessinsider.com/news/stocks/stock-market-may-performance-sell-wall-street-seasonal-outlook-2024-5">reported</a> Business Insider on Monday.
Turnquist&#8217;s data shows an average return of +1.7% for the past 10 years, which jumps to +4.0% for the last decade. This suggests that selling stocks in May based on historical trends might not be the best strategy.
&#8220;Unless investors can seek superior returns in other asset classes, being out of the equity market may not have been the best strategy, with stocks still delivering positive six-month returns, on average, over all the May-October periods studied,&#8221; Turnquist said in a recent note.
Tom Lee of Fundstrat also ran the calculations and discovered that since 1985, &#8220;May has been a surprisingly good month.&#8221; 
Market strategist Ryan Detrick of Carson Group also noted the positive returns during this period, particularly in May, which has seen positive stock market returns in nine of the past ten years, with an average gain of 0.7%.
In conclusion, Detrick discovered that in years where there is a presidential election, such as 2024, the stock market typically experiences a summer rally prior to the November surge. The period from May to October typically sees gains of 2.3% and higher 78% of the time.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38519395/goldman-sachs-tempers-investor-excitement-on-tesla-self-driving-not-yet-an-eyes-off?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Goldman Sachs Tempers Investor Excitement On Tesla Self-Driving Tech In China: &#8216;Not Yet An Eyes-Off, Unsupervised Product&#8217;</a>
Why It Matters: The potential irrelevance of the &#8220;Sell in May and go away&#8221; adage comes in the wake of recent statements by the Federal Reserve which has decided to <a href="https://www.benzinga.com/news/econ-s/24/05/38561640/fed-keeps-interest-rates-steady-announces-slower-than-expected-pace-of-balance-sheet-runoff" target="_blank" rel="noreferrer noopener">keep interest rates steady</a>, emphasizing the need to allow more time for restrictive monetary policies to bring inflation towards the Fed's 2% goal. This decision has had a significant impact on market dynamics.
"The inflation data received so far this year have been higher than expected," Federal Reserve Chair Jerome Powell said today, adding that it is likely that gaining <a href="https://www.benzinga.com/markets/equities/24/05/38563545/powell-keeps-hawks-at-bay-says-interest-rate-hike-unlikely-stocks-gold-rally-while-treasury-yiel" target="_blank" rel="noreferrer noopener">greater confidence in disinflation</a> will take longer than previously thought.
This stance has been <a href="https://www.benzinga.com/news/24/05/38571981/ray-dalio-gives-a-nod-to-larry-summers-contention-that-federal-reserve-in-a-treacherous-environment">questioned by investors</a> like Larry Summer, who have warned against potential rate cuts in the current economic climate.
These developments follow earlier predictions of a <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38273842/s-p-500-due-for-classic-10-correction-wall-street-veteran-warns-why-they-expect-zer">&#8220;classic 10% correction&#8221;</a> in the S&amp;P 500 index by Wall Street veteran investor Ed Yardeni, who noted that &#8220;rising yields are starting to weigh on the stock market.&#8221; 
Despite these concerns, other experts have remained confident in the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38284811/wall-street-experts-dismiss-rate-cut-fears-middle-east-tensions-predict-bull-market">continuation of the bull market</a>, citing a robust U.S. economy and the potential of artificial intelligence (AI) as key drivers.
Read Next: <a href="https://www.benzinga.com/news/24/04/38489087/jim-cramer-likes-palantir-recommends-pioneer-natural-resources-i-want-you-to-ka-ching-ka-ching?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Jim Cramer Likes Palantir, Recommends Pioneer Natural Resources: &#8216;I Want You To Ka-Ching, Ka-Ching&#8217;</a>
Image made via AI on MidJourney
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Engineered by Benzinga Neuro, Edited by <a href="https://www.benzinga.com/topic/Kaustubh-Bagalkote" target="_blank" rel="noreferrer noopener">Kaustubh Bagalkote</a>
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The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. <a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Learn more.</a>
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Analyst Color

Global

'Sell In May And Go Away': A Fading Tradition In Stock Market?

Twitter co-founder&nbsp;Jack Dorsey has appears to disagree with Vice President&nbsp;Kamala&nbsp;Harris&#8216;s&nbsp;statement on&nbsp;women&#8217;s&nbsp;trust, but could he have misinterpreted her meaning?
What Happened: On Wednesday, Harris took to X, formerly Twitter, and posted&nbsp;&#8220;Trust women.&#8221; Her remark&nbsp;was met&nbsp;with a response from Christopher Stanley,&nbsp;X&#8217;s&nbsp;senior director of security engineering, who shared the post on the platform commenting, &#8220;I&nbsp;don&#8217;t&nbsp;blindly trust anyone.&#8221;
Responding to Stanley&#8217;s post, Dorsey&nbsp;then&nbsp;weighed in, saying,&nbsp;&#8220;Don&#8217;t&nbsp;trust, verify.&#8221;
See Also:&nbsp;<a href="https://www.benzinga.com/news/24/04/38509476/while-mark-zuckerberg-led-meta-battles-advertiser-complaints-elon-musk-continues-to-thrash-facebook?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">While Mark Zuckerberg-Led Meta Battles Advertiser Complaints, Elon Musk Continues To Thrash Facebook, Instagram For Allegedly Stealing &#8216;Credit For Traffic&#8217;</a>
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">don&#39;t trust, verify.
&mdash; jack (@jack) <a href="https://twitter.com/jack/status/1785747127550812536?ref_src=twsrc%5Etfw">May 1, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to&nbsp;get&nbsp;all the latest tech developments&nbsp;delivered&nbsp;to your inbox.
One user in the comment section said that Harris&nbsp;wasn&#8217;t&nbsp;advocating for blind trust, but asking women to trust their own bodies. And the user is right. 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">Only concrete thinking nerds would consider that statement by VP Harris to be encouraging people to blindly trust anybody. Y'all KNOW it is referring to the bodily autonomy of women and trusting them with their own bodies.
&mdash; &#x1f1fa;&#x1f1f8; 
</blockquote></div></figure>

Politics

Tech

Jack Dorsey Doesn't Agree With VP Kamala Harris' 'Trust Women' Statement —Says 'Verify' — But Has He Got It Right?

ConocoPhillips (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COP#NYSE">COP</a>) is set to release earnings results for its first quarter before the <a href="https://www.benzinga.com/quote/COP/earnings">opening bell on May 2, 2024.</a>
Analysts expect the Houston, Texas-based company to report quarterly earnings at $2.04 per share, down from $2.38 per share in the year-ago period. ConocoPhillips is projected to report quarterly revenue of $15.05 billion, compared to $15.74 billion in the year-earlier quarter, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Feb. 8, ConocoPhillips said fourth-quarter revenue of $15.307 billion missed the consensus of $15.942 billion, while adjusted EPS of $2.40 beat the consensus of $2.09.
ConocoPhillips shares fell 1% to close at $124.34 on Wednesday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/COP/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li>Jefferies analyst Rob Dickerson maintained a Hold rating and cut the price target from $55 to $54 on March 11. This analyst has an accuracy rate of 67%.</li>
<li>DA Davidson analyst Brian Holland initiated coverage on the stock with a Buy rating and a price target of $67 on March 1. This analyst has an accuracy rate of 60%.</li>
<li>Piper Sandler analyst Michael Lavery maintained a Neutral rating and raised the price target from $59 to $60 on Feb. 12. This analyst has an accuracy rate of 70%.</li>
<li>JP Morgan analyst Ken Goldman maintained a Neutral rating and increased the price target from $53 to $59 on Feb. 9. This analyst has an accuracy rate of 81%.</li>
<li>Wells Fargo analyst John Baumgartner maintained an Equal-Weight rating and boosted the price target from $56 to $58 on Feb. 9. This analyst has an accuracy rate of 66%.</li>
</ul>
Read This Next: <a href="https://www.benzinga.com/news/earnings/24/05/38550761/how-to-earn-500-a-month-from-intel-stock-following-q1-earnings-report">How To Earn $500 A Month From Intel Stock Following Q1 Earnings Report</a>

Earnings

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Pre-Market Outlook

ConocoPhillips Likely To Report Lower Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street's Most Accurate Analysts

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Latest News for Magna Gold Corp Ordinary Shares Stock (OTC:MGLQF)

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