Tom Lee Predicts S&P 500 Could Hit 6,600 This Month, Rally May Begin Next Week
Tom Lee — co-founder of Fundstrat and chairman of Ethereum-buying giant BitMine — believes the S&P 500 is on the verge of a breakout, potentially climbing to between 6,560 and 6,600 before the end of the month. Speaking on CNBC, Lee suggested the rally could kick off as early as next week, fueled by strong economic fundamentals and cautious investor positioning.
Although August is historically a sluggish month for equities, Lee argued that this very fact could pave the way for a sharp move higher. “The economy is proving far more resilient than most expected. Bitcoin broke out on July 9 and, over the past five years, has tended to lead the S&P by about a month. That points to a similar move in stocks,” he said.
From its April lows, the S&P 500 has already advanced 28%, but Lee sees the index in a consolidation phase ahead of the Federal Reserve’s September rate decision. Pullbacks so far, he noted, have been shallow.
Investor caution, in his view, is actually bullish for equities: “Many investors who sold their best stocks during the April decline still haven’t re-entered the market. That leaves room for further upside.”
Lee also pointed to stable consumer spending and household debt levels that remain below pre-pandemic highs. Expected rate cuts in September, he added, could unleash cash from money markets into stocks.
Crucially, he doesn’t believe the next leg higher will be limited to Big Tech: “Industrials, financials, and other sectors could join in. The equal-weight S&P 500 is still cheaper than it was before the pandemic — a setup for a broad-based advance.”
On a separate appearance on Natalie Brunell’s YouTube channel, Lee doubled down on his bullish outlook for both stocks and Bitcoin into year-end: “The economy has absorbed six major shocks — tariffs, geopolitical tensions, an inflation spike, and the fastest Fed tightening cycle on record — and the S&P has recovered every time. If this were a company, we’d be saying its valuation multiple should be higher. Yet many still think it’s overvalued.”
Lee sees Bitcoin replacing gold as a store of value, while Ethereum could become the backbone for Wall Street’s tokenization wave. “Stablecoins, smart contracts, and most tokenized assets live on Ethereum,” he said. “ETH could be the biggest macro opportunity of the next decade.”
BitMine’s Massive ETH Purchases
Under Lee’s leadership, BitMine — publicly traded on the NYSE — has been aggressively buying Ethereum in a strategy reminiscent of Michael Saylor’s Bitcoin accumulation at MicroStrategy. Over the past month alone, the company has acquired more than 833,000 ETH, making it the largest corporate holder of Ethereum in the world.
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