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An economist has claimed the US stock market has already hit its lowest point for 2022 after Russia invaded Ukraine - although that war and soaring inflation could prove him badly wrong.
Tom Lee, managing partner at Fundstrat, said that as long as there's no recession due to a continuation of the war or the 40 year-spike in the cost of living the S&P could surge to 5,100 by the end of the year. As of Sunday night, it sits at 4,545.86 points.
Lee believes there's a roughly 90 percent chance that the market won't slip below the 4,114 low of February 24, when the invasion began.
The upside would be a 13 percent gain from current levels and a 24 percent rise from the late February nadir.
'We think lows for 2022 are in with 88% probability, [but] we still see stocks in a 'jagged' recovery in 1H2022. Full risk-on coming in 2H2022, [where the] S&P 500 can exceed 5,100 before year-end,' Lee told Business Insider.
Tom Lee, managing partner at Fundstrat, said that as long as there's no recession due to a continuation of the war, the S&P could surge to 5,100 by the end of the year
