Fundstrat Global Advisors founder Tom Lee predicts that the S&P 500 index will reach a new high in the range of 7900 to 8000 points by the end of August. Tom Lee pointed out that the Federal Reserve's no interest rate meeting this month, weaker than expected non farm payroll report in July, cooling inflation, strong second quarter earnings report, improved profit outlook for 2027, and the end of the artificial intelligence related deleveraging process are all factors driving the index upward.