Tom Lee Warns S&P 500, Nasdaq Face Bear Market-Like Moves Between August and October

SPX5000.50%
According to Tom Lee, Fundstrat's managing partner, in a CNBC interview on Monday, U.S. equity markets could face bear market-like volatility between August and October 2026. Lee cited four potential triggers testing the S&P 500 and Nasdaq Composite: the Federal Reserve's policy direction under Kevin Warsh's leadership, SpaceX's staggered share unlock beginning in late July or early August, a cumulative petroleum shortage, and elevated margin debt levels. Lee expressed optimism for July, noting that Q2 earnings could surprise to the upside and fund managers may buy dips following June's weakness. He projects the S&P 500 could reach 8,000 to 8,800 points by year-end.
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