Tom Lee changes his mind on stocks that could lead the market’s next step up

Tom Lee changes his mind on stocks that could lead the market’s next step up


Thomas Lee, Fundstrat Global Advisors

Scott Mlyn | CNBC

The recent drop in interest rates means that investors will have to move part of their portfolio in the short term, according to Tom Lee of Fundstrat.

The 10-year Treasury yield was trading below 1.5% on Friday despite a 5% rise in inflation last month. The yield topped 1.7% earlier this year, raising concerns about the direction of growth stocks as higher rates could potentially increase costs for companies and expose the sector’s high valuations.

Lee, who won a large following in 2020 for his pandemic analysis and related market calls, said in a note to a client on Friday that the drop in interest rates means some of the early industry trends in the market. of the year should be reversed. in the coming weeks.

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