Macro Update & Top Ideas - July 2026
Key Topics
Tech got hit hard this month, down more than 30 percent in parts of the AI complex, while financials, healthcare, and industrials quietly pushed toward new all-time highs. If your portfolio felt that rotation, you were not alone. The question on every investor’s mind: is this the dip to buy? In their July session, Tom Lee and Mark Newton went through what the macro data is actually saying, where the Fed goes from here, and how they are reading the market as leadership shifts underneath the surface.
Watch the replay to hear Tom and Mark discuss:
• Tom’s read on where inflation is really heading, and why he thinks the bond market has it wrong even as it prices in rate hikes
• The massive rotation within tech Fundstrat has been tracking, from software to the Mag7 to memory, and how to keep up as leadership with tech shifts
• Why financials, healthcare, and industrials pushed to new highs while tech sat out, and whether Tom is still optimistic on tech
• The 10-year level Mark says would change his view, and his read on whether gold and silver have bottomed
• Fundstrat’s top 5 large-cap and top 5 SMID-cap stock ideas for the month, with live technical analysis on every name
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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