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It's hard not to say that President Donald Trump's proposed tax overhaul has been positive for stocks, closely followed strategist Tom Lee said Friday.
"Businesses do like Trump," said Lee, managing partner and head of research at Fundstrat Global Advisors.
Stock futures were higher Friday, one day after the Senate approved a $4 trillion budget measure. The budget resolution, approved by 51-49, was seen as a crucial step to pass Trump's tax reform plan later this year.
In an interview on CNBC's "Squawk Box, " Lee described the budget deal as "progress," but cautioned investors that businesses still don't know the full consequences of Trump's plan.
"It may not matter for months," Lee said, "because we really won't know what the impact on businesses ultimately is. But it's hard to say it's not positive."
Lee, who had gone bearish several months ago after years as one of Wall Street's biggest bulls, returned to the optimist camp last week when he raised his price target for the S&P 500. He conceded that he underestimated a number of factors, including tightening credit spreads and strong global growth.
Also on "Squawk Box," OppenheimerFunds CEO Art Steinmetz said he believes Trump's plan to reduce the corporate rate from 35 percent to 20 percent is priced into the market.
OppenheimerFunds, including its subsidiaries, manages more than $243 billion in assets.
"I remain skeptical of what we actually get accomplished, but generally it would be a good thing," Steinmetz said. "Markets have clearly gone up quite a bit this year already, so I say a lot of it is baked in."