Fundstrat Global Advisors' head of research, Tom Lee, thinks earnings and valuations will reemerge as a top priority in coming weeks with much of the debt ceiling overhang lifted. "Now that we've got the debt ceiling debacle behind us, I think it's really important for investors to really focus back on the key drivers for markets — what really matters — and that's earnings surprise," Lee said in a CNBC Pro interview taped Friday, as signs emerged that an agreement could be reached. "That's going to also be valuation and valuation is really anchored or constrained by what the Fed's doing, and the Fed is fighting inflation," he added. President Joe Biden and House Speaker Kevin McCarthy reached a deal over the weekend to raise the debt ceiling. The compromise bill now awaits approval from Congress with next week's deadline looming. Lee added that cooling inflation and prospects of a Federal Reserve rate hike pause also present further opportunity for investors. "Now, it's unclear when the Fed will actually pause and if they're going to ever start cutting rates, but we know valuations have come down so sharply so the least expensive groups are some things like the regional banks, the financials, and we think there's still opportunity there to own banks, particularly the regional banks, and industrials," Lee said. He noted that, while industrial stocks may seem "a little tricky to own" due to uncertainty around the economy, recent data on the manufacturing sector suggests that a buying opportunity is emerging. Conversely, Lee said he is avoiding sectors such as utilities, consumer staples and many health-care names that have become expensive in recent months. — CNBC's Michael Bloom contributed to this report.