[Tom Lee: S&P 500 Expected to Rise to 7,700 Points Before Adjusting, Strong Rebound Anticipated After Midterm Elections] BlockBeats News, May 29 – Tom Lee, Chairman of Ethereum's largest treasury BitMine, stated in an interview with CNBC that the rise in U.S. stocks since April this year has largely been driven by corporate earnings exceeding expectations. He pointed out that the market had previously estimated the first-quarter earnings per share (EPS) of S&P 500 constituents to be around $70, but the actual figure reached $80, surpassing expectations by $10 for the quarter, which translates to an annualized earnings increase of approximately $40. This implies that the S&P 500 index theoretically has an upward potential of about 800 to 1,000 points. He maintained his earlier "three-phase market" view: in the short term, the S&P 500 is likely to rise further to around 7,700 points; subsequently, the market may enter a consolidation phase before October, facing challenges such as the inauguration of the new Federal Reserve Chair Walsh, energy price shocks, and liquidity pressures from major IPOs like SpaceX, OpenAI, and Anthropic. Tom Lee noted that these factors could lead to a correction resembling a bear market, but he expects U.S. stocks to regain strength after the midterm elections and believes 2027 could become "one of the best years for returns in a lifetime." Additionally, he highlighted that rising oil prices are increasing inflationary pressures, causing the bond market to shift from betting on rate cuts to betting on rate hikes. Against this backdrop, many sectors are under greater pressure, as most industries still require support from a dovish Federal Reserve. [Original Link]