Macro Update & Top Ideas - August 2026
Key Topics
Long-term yields are at multi-decade highs in the U.S., Germany, Japan, the U.K., and France. On Wednesday, the Treasury announced it will buy back longer-dated bonds, increasing the size by “at least” twice. Yields fell on the news. Whether the Treasury can keep buying back bonds to dampen yields remains a big question.
Tom Lee and Mark Newton went live with Fundstrat’s August Macro Update hours after the announcement. The replay and the full slide deck are available now, including a list of Fundstrat’s core stock lists for the month.
In this session, Tom and Mark cover:
• Why yields rose, with the 30-year yields at multi-decade highs in the U.S.
• Where Tom still expects the index to finish the year at, why the path there may not feel like it, and the five factors that would change his view
• The demographic framework Fundstrat has published since 2017, and where it places this bull market now
• How Fundstrat is reading the AI trade from here, including why crypto sits downstream of it
• Fundstrat’s Top 5 and Bottom 5 core stock ideas for August, large-cap and SMID-cap, the ranking framework behind them, and live technical analysis from Mark on every name
• Live Q&A with Tom and Mark
Panel of Speakers
Thomas Lee, CFA AC
Head of Research
Thomas Lee is a Managing Partner and the Head of Research at Fundstrat Global Advisors. He is an accomplished Wall Street strategist with over 25 years of experience in equity research, and has been top-ranked by Institutional Investor every year since 1998. Prior to co-founding Fundstrat, he served as J.P. Morgan’s Chief Equity Strategist from 2007 to 2014, and previously as Managing Director at Salomon Smith Barney. His areas of expertise include Market Strategy, Small/Mid-Cap Strategy and Telecom Services. Mr. Lee received his BSE from the Wharton School at University of Pennsylvania with concentrations in Finance and Accounting. He is a CFA charterholder and is an active member of NYSSA and the NY Economic Club.
Mark L. Newton, CMT AC
Head of Technical Strategy
As former managing member/owner of Newton Advisors LLC, Mark has over 25 years of buy- and sell-side experience. Before Fundstrat, he worked at Diamondback Capital Management, and at Morgan Stanley, as a technical strategist. Mark has traded equity options as a market maker / floor trader on the CBOE, and has worked in risk management. He is a member of the Market Technicians Association, and former member of the CBOE, CBOT, and PHLX. He makes regular appearances on CNBC, FOX Business, and Bloomberg. Mark graduated with a BS in Finance from Virginia Tech in 1991, obtaining his Chartered Market Technician designation in 2002.
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