Strategist Tom Lee told CNBC on Friday he believes Wall Street's concern over slowing economic growth has likely reached its apex already, setting the stage for so-called epicenter stocks to rally in the coming weeks.
Lee's comments on "Halftime Report" came one day after the yield on the benchmark 10-year Treasury note fell as low as 1.25%. The 10-year yield, which moves inversely to price, stood around 1.356% Friday afternoon.
"Now we've had, I think, a growth scare that really peaked yesterday. I think the headline might have been the Tokyo Olympics," the co-founder of Fundstrat Global Advisors said, referring to organizers' decision to ban all spectators at the summer games after Japan declared a state of emergency due to coronavirus concerns. That spooked investors and played a role in the 10-year yield hitting a level it had not seen since February, he said.