2024-5-13 04:20 |
Tom Lee, the founder of Fundstrat, and one of the most respected analysts in Wall Street, remains extremely bullish on US equities and cryptocurrencies. He believes that investors should avoid selling in May and going away, a popular phrase.
Catalysts for stocks and BitcoinIn an interview with CNBC, Tom Lee insisted that US stocks and Bitcoin had more upside. He noted that Bitcoin could blast to over $150,000 by the end of the year while equities will continue the current surge.
First, he expects that US inflation will drop in the coming months. That decline will be driven by insurance and housing, which have been in a strong uptrend recently. As a result, if this happens, he expects that the Fed will start cutting rates sooner than the market expects.
In line with this, the upcoming US inflation and retail earnings will be critical. Analysts expect the data to show that the core CPI, which excludes the volatile food and energy, rose 3.6% on a year-on-year basis, an improvement from the previous 3.8%.
The headline CPI is expected to come in at 3.3%, better than March’s 3.5%. This retreat will be because of inflation, which is expected to have dropped slightly in April. In a recent note, analysts at Morgan Stanley said that inflation will continue falling this year.
Second, Tom Lee believes that earnings will help to propel stocks higher. Indeed, a report by FactSet showed that 92% of all S&P 500 companies had published their quarterly results. Of these firms, their blended earnings growth stood at 5.4%, the highest increase since Q2’22.
Better still, most companies provided strong forward guidance, which explains why the Nasdaq 100 and S&P 500 indices are nearing their all-time highs. More stocks upside could lead to strong crypto prices since they have a close correlations.
Tom Lee has been a stock market and cryptocurrency bull for years. Specifically, he believes that the coin will jump to over $150,000, much higher than the current $62,000.
FUNDSTRAT: “.. We think an ‘in-line’ April #CPI [next week] .. will highlight the possibility that auto insurance’s disproportionate impact on CPI is ebbing. .. could push higher the number of Fed cuts = positive for stocks. Bottom line, we are still ‘buy in May.’ The fact that… pic.twitter.com/wkiaHfJNar
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