Tom Lee, Co-Founder and Fundstat Strategist.
Adam Jeffery | The Washington City Times
Tom Lee told The Washington City Times on Friday that he believes the tech sector likely reached the bottom of the year last week, part of his broader view that the S&P 500 generally has more leeway.
“I think technology has bottomed out in the first half. I think technology will recover,” said Fundstrat Global Advisors in the “Halftime Report,” adding later in the interview that it was bottoming out. could be the sector for the year.
Lee’s company recently raised its target price for the S&P 500 – which often changes the fate of major technology stocks like Apple – to 4,300 for the first half of the year, up about 9% from Thursday’s high of 3939. The benchmark index went lower on Friday as yields on 10-year Treasury bonds rose to a new one-year high above 1.64%.