Fundstrat’s co-founder and managing partner, Tom Lee, is issuing a forecast for the US stock market over the near term.
In a new CNBC interview, Lee says markets are “really oversold” currently following a correction that has come amid fears over US tariffs.
According to the Fundstrat co-founder, investors are currently facing uncertainty, but there will be clarity after April 2nd that could relieve the selling pressure.
“And this week, I think into April 2nd, investors have three things on their minds. One is, they just don’t know what the tariffs look like. They don’t know if it’s going to damage the economy. And I think, third, many are just a little terrified of the policies of the White House.
But post-Wednesday, I think markets are going to have some visibility. That allows us to take some of the selling pressure off. So yes, I think it’s possible that instead of us breaking down here and seeing markets under further pressure, we actually got the right pieces for a bottom.”
According to Lee, America’s economy is “going to come out okay” after the imposition of the proposed tariffs by the US administration scheduled for April 2nd, a day that President Donald Trump has dubbed “Liberation Day.”
“Brexit’s [the exit of the United Kingdom from the European Union] an example, you know. Brexit happened and the UK economy emerged okay. It didn’t have a huge recession and the stock market did okay.
So for investors today, over the weekend, we had so many thinking the economy is going to completely fall off the rails after Wednesday.”
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