Fundstrat’s Tom Lee Makes Bullish Prediction for Stock
Fundstrat co-founder and Head of Research Tom Lee predicted bullish sentiment in the stock market. In an appearance on May 14 CNBC’s Closing Bell, financial analyst, noted that it is time to get bullish on the back of stocks following short-term highs in the market.
The bullish momentum in stocks was noted as the NASDAQ reached a record close amid the shift in sentiment. According to Lee, stocks have been consolidating in recent months and prices are rebounding from former lows. Overall, the first quarter of 2024 has seen gains in many US stocks, with some assets rising to highs not recorded in months.
Tom Lee Supports Rate Cuts to Encourage Drive
Like most market analysts, Lee thinks cooling inflation, which has led to lower interest rates, could trigger new inflows into the market. Many traditional investors predicted that the first outage would occur in September. Federal Reserve The rates continue unchanged.
“When we get a definitive data point, which will probably be tomorrow, I think $6 trillion in cash will come off the sidelines and stocks will move out of that range. “I mean, we’re betting that this is going to be a very strong month for stocks, maybe even better than it has been so far.”
Lee added that the Fed is playing a waiting game on home and auto insurance, and the first signs of a cooling are April data that could trigger further gains this month.
Stocks Climb Up a Notch
Record gains in the stock market in the last 24 hours have been seen erasing previous losses due to market corrections. Coinbase is trading at $203 and is up 1.77% today, although weekly flows remain in the red. MetaLike Coinbase, which posted a positive first quarter gain, it also gained 0.82%.
MicroStrategy (MSTR) also saw significant gains of over 4% in the same time frame. While the stock market is bullish, many bulls are analyzing the stock market’s inflow into crypto assets due to previous correlations.
So read: TON Outperforms Bitcoin by 118%: What Drives the Network?
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a talent for keeping up with breaking news. Staying on top of trends, David is knowledgeable about regulations, partnerships, crypto assets, stocks, NFTs, etc. He reported in various fields such as. Away from the financial markets, David cycles and rides horses.
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