Tom Lee Says Democratic Sweep Could Fuel 15% to 20% Tech Rally

Fundstrat’s Tom Lee says tech stocks could rally at least 15%, and perhaps 20%, as he expects hedge funds to rebuild exposure after the Democrats’ midterm sweep. Data center operators such as IREN, Hut 8, Applied Digital, and Core Scientific lost 1.2% to 13% on Wednesday. Lee called the selloff an overreaction. Why Does Lee See a Divided Washington as a Tailwind? Lee told CNBC’s “Closing Bell” that Democratic control will change how Washington works. “I think it’s going to force Washington to sort of now negotiate, which is a good thing.” Tom Lee, managing partner and head of research at Fundstrat, via CNBC He added that the result eases pressure on the Federal Reserve (Fed).

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