Fundstrat’s Tom Lee isn’t dissuaded by the market volatility last Friday.
In a new interview with CNBC, Lee says investors should “stay pretty constructive” on US equities despite the recent pullback.
“JPMorgan, the biggest and most powerful bank in the world, is investing $1.5 trillion into the US into things that are going to strengthen US advantages. Critically important areas. And at a time when the US is dominating AI, and of course, now we have this big tailwind as blockchain is an initiative that Wall Street is building products on, so I think there are a lot of reasons for investors to stay optimistic.”
JPMorgan Chase announced the “Security and Resiliency Initiative” on Monday, a $1.5 trillion, 10-year plan to boost US industries critical to national economic security. The financial giant says the plan includes up to $10 billion in direct equity and venture capital investments in select US companies.
Lee predicts the S&P 500 could add “200 points between today and mid-November.” He also still thinks the leading index will hit 7,000 by the end of the year.
The S&P 500 is trading at 6,654.85 at time of writing. The index is up more than 1.5% in the past day but down 1.35% in the past five days.
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