Fundstrat Global Advisors co-founder Tom Lee told CNBC on Monday that he expects the S&P 500 to rally “pretty strongly” in August, lifting the benchmark to 6,500–6,600 and setting fresh all-time highs within weeks. The forecast implies a gain of roughly 3%–5% from the index’s 6,339.39 record close on 31 July. Lee said core inflation excluding housing has slipped below 2% and argued that, were the Federal Reserve to follow European Central Bank precedent, it would already be cutting rates. In a client note he reiterated a “buy-the-dip” stance, adding that the index could surpass 7,000 over the next 12 months. The bullish call contrasts with a series of cautionary notes released the same day by Morgan Stanley, Deutsche Bank and Evercore ISI. Morgan Stanley strategist Mike Wilson warned of a market pull-back of up to 10% this quarter, while Evercore’s Julian Emanuel projected a decline as steep as 15%, citing stretched valuations and softening economic data.