Fundstrat’s Tom Lee Says November Stock Market Bull Run Incoming – Here Are His Targets

Fundstat’s Tom Lee is predicting sizeable gains for the S&P 500 in the last two months of the year.

In a new interview with CNBC, Lee says he believes the S&P 500 will gain 200-250 points in November and reach 7,500 by the end of the year, though he acknowledges equities might be choppy over the next couple of weeks.

“I think there is something the market is trying to figure out, which is: AI is consuming jobs, but that’s turning it into profits for corporates, so profits are expanding. And then profit margins have actually been going up in the middle of tariffs. So how are companies able to take 70% of the tariff hit, but margins are going up? So there must be a productivity boom somewhere. 

And then we have $7 trillion in cash on the sidelines, but we have high rates, and so the Fed, I think, is trying to not overheat the economy. But we know… housing’s in big trouble, so I would say it makes sense, if inflation’s in a good place and jobs aren’t really strengthening, for cuts to happen, and that would be really dovish. So I think that sort of comes together before the end of the year.”

The S&P 500 is trading at 6,856.21 at time of writing.

The leading index is up 0.23% on Monday but down 0.6% in the past five days.

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