Fundstrat's Tom Lee Sees Turbulent 2026 That Could Resemble Bear Market, Sets S&P 500 Targets

On December 12, 2025, Fundstrat's Tom Lee told CNBC he sees the S&P 500 ending this year near 7,000 and reaching about 7,700 next year, implying a roughly 10% gain. He warned that 2026 could feel like a bear market as a new, more dovish Federal Reserve leadership is tested and markets react to potential Supreme Court action on tariffs.