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ETH Fundstrat strategist Tom Lee expects the S & P 500 to climb to 7,900 - 8,000 before the end of August.
Fundstrat strategist Tom Lee believes that strong corporate earnings, improved market sentiment and continued artificial intelligence investment may push the S & P 500 further higher. He expects the index to climb to 7,900 - 8,000 points by the end of August. In addition, Lee also listed Ethereum as one of the assets that may lead the next round of market, along with the "Big Seven U.S. stocks" and software stocks.
Tom Lee: The S & P 500 is expected to usher in a new round of gains
Lee's bullish view is mainly based on corporate earnings and investors 'position layout. He said in an interview that the recent deleveraging process has forced investors to increase their cash holdings while pushing market sentiment to excessively pessimistic levels. As corporate performance continues to exceed expectations, this cash may flow back into risky assets.
Lee pointed out that the current quarter's earnings data is more than $15 higher than analysts 'estimates at the beginning of the earnings season. Earnings forecasts for 2027 are also raised, with valuations close to 410 and expected to reach about 425 later this season. Artificial intelligence investment remains an important part of its bullish logic. Despite fluctuations in the semiconductor and memory chip sectors, Lee believes the overall technology spending cycle will still support corporate profits.
The S & P 500 only needs to rise a few percentage points from its current basis to 8000. His latest forecast continues the optimistic outlook for the stock market over the past year.
Why Lee placed Ethereum among technology giants
The more specific part of Lee's views is his focus on Ethereum. He listed the "Big Seven U.S. stocks", software stocks and Ethereum as potential leaders when the market recovers from its recent correction. Ethereum is not a component of the S & P 500, so his comments are more like a judgment on overall risky assets than a claim that Ethereum itself will push the index to 8000 points.
The cryptocurrency market also has supporting factors. The U.S. spot Ethereum ETF has recently regained net inflows, while large holders have continued to increase their holdings in Ethereum during the market downturn. This makes Lee's prediction for Ethereum differ from his views on the semiconductor sector. He is not simply continuing the trading logic of artificial intelligence, but is betting that improved risk appetite will not be limited to the stock market, but may also spread to the cryptocurrency space.
New variables are added to the latest employment data
An important piece of data was released after Lee made the above comments. The July U.S. employment report showed that non-farm employment fell by 23,000, and the unemployment rate fell slightly from 4.2% to 4.1%. Employment growth in May and June was also revised downward, with a total decrease of 103,000 people.
This data introduces new variables into the outlook for the S & P 500. A weak labor market may eventually ease interest rate pressure, supporting valuations, but continued deterioration in job growth will also raise concerns about economic growth and future earnings. For now, Lee is betting that strong earnings, investment in artificial intelligence and a rebound in risk appetite will outweigh these concerns. The S & P 500 reaching 8000 by the end of August will quickly put this view to the test. And his decision to tie Ethereum with software stocks and the "Big Seven U.S. stocks" made this judgment broader than a simple S & P 500 forecast.
