Tom Lee: S&P 500 Index Could Rise to 8,000 Points in August
2026.08.06 21:44:50
According to CNBC, Tom Lee, chairman of BitMine—the largest Ethereum treasury company—said the S&P 500 index could rise to between 7,900 and 8,000 points in August, a 2.3% to 3.6% increase from Wednesday’s closing level of 7,723.55 points. He noted the market has been consolidating for the past 8 to 10 weeks, adding that “the longer the bottom, the larger the breakout.” The S&P 500 has gained 3.1% since August and hit a record high, driven mainly by strong Q2 corporate earnings and market expectations of a deal to reopen the Strait of Hormuz. The tech sector rose 5.8% over the same period; VanEck’s Semiconductor ETF climbed 5.4%, and Roundhill’s Storage ETF advanced 6.7%. Tom Lee pointed out the Nasdaq 100 is currently trading above its 20-day, 50-day, and 200-day moving averages, showing a positive technical performance. He remains bullish on the semiconductor, DRAM, and storage sectors—despite their current correction, he expects them to rebound as they did in 1997 and 1998. Lee believes the current market recovery could be led by the “Magnificent Seven,” software, and Ethereum. Current earnings momentum is not only driving better-than-expected Q2 results but also pushing up 2027 earnings forecasts, with corporate profit growth accelerating.
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