Tom Lee: We See Stocks Surprising to the Upside in 2024, With 12%-15% Returns

Our 2004 Outlook: Inflation down + higher demand = P/E expansion. Real Money

In 2023, the S&P 500 has gained 20% yet most investors sat on the sidelines as many expected the U.S. economy to slip into a recession. And many remained skeptical throughout 2023 because they saw a Fed that was perceived to be hostile to markets.

As we move into 2024, investor skepticism has diminished but investors are generally wary. We are overall positive on equities, but we believe much of the gains will come in the second half.