Tom Lee, one of the Wall Street strategists who called the market comeback following the coronavirus-induced sell-off, is becoming even more optimistic about further market gains as daily cases start declining.
In a note to clients, Lee pointed out that just over 36,000 additional cases were confirmed on Sunday. That's down by about 5,000 from the previous Sunday. Data from Johns Hopkins University also showed that daily coronavirus cases have remained below 50,000 since Aug. 14, when more than 60,000 new infections were confirmed.
Lee pointed out as well that daily cases have been falling by 7,500 to 10,000 on a seven-day basis. If this continues, Lee said the U.S. daily infection rate will fall to under 10,000 by early September.