Tom Lee is not sold on the stock market's rally after the Federal Reserve cut interest rates.
The S & P 500 and Dow Jones Industrial Average popped to fresh records Thursday, a day after the Fed lowered rates by a half percentage point.
Many investors expected the central bank to lower rates by just a quarter percentage point.
Lee was correctly bullish heading into 2024 and has nailed several bold short-term calls on the market.
Despite the mixed backdrop, Lee said small-cap and cyclical stocks, such as industrials and financials, stand to benefit from lower rates.
Persons:
Tom Lee, Lee, CNBC's
Organizations:
Federal Reserve, Dow Jones, Fundstrat Global Advisors, U.S