Macro Update & Top Ideas - May 2026
Key Topics
The S&P 500 closed at a new record high on Thursday, capping eight consecutive weeks of gains. With five weeks left in the first half of 2026, the question heading into the second half is not whether the rally was real. It is how to position for what comes next.
In this session, Tom Lee and Mark Newton covered their full market framework for the second half of 2026, Fundstrat’s highest-conviction stock ideas for June, and took clients’ questions live.
What was covered:
-Tom’s three-phase market thesis for the rest of 2026 and where he thinks we stand right now
-Q1 earnings up 28% year over year with a 13% beat and what that means heading into H2
-Tom’s case for why the market is not expensive at all-time highs and what that means for H2
-How Mark is reading one of the most historic eight-week rallies in market history and what it signals for H2
-Mark’s three indicators he watches before calling a market top and where they stand today
-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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