S&P 500 could surge 100 points this week on inflation data, says Fundstrat's Lee

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S&P 500 could surge 100 points this week on inflation data, says Fundstrat's Lee
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Just as investor faith in the 2023 market rally starts to wobble, Fundstrat's Tom Lee is back with a new bullish call.

Just as investor faith in the 2023 market rally has started to wobble, Fundstrat’s Tom Lee is back with a new bullish call.

The former JPMorgan Chase & Co. analyst pitched a “tactical buying opportunity” to clients, arguing in a research note that last week’s pullback has created an attractive entry point ahead of Wednesday’s consumer-price index for June, which could send the S&P 500 up 100 points, or about 2.3%, higher if it’s as soft as Lee expects.

Core inflation, according to Lee, could be on track for a 0.2% print for June. That’s a bigger decline than what’s expected by economists polled by The Wall Street Journal. They expect both the core and headline inflation numbers for June to come in at 0.3%. “It would show that the Fed is getting inflation on a monthly basis to levels they are trying to target — I think 0.2 is 2.5% annualized,” he said during an interview on CNBC Monday morning.

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