Abating inflation pressure will help the central bank focus on cutting interest rates while also helping stocks, according to Fundstrat managing partner and head of research Tom Lee. The Nasdaq Composite has been on fire so far this year with a 38% gain, aided in large part by an explosion in growth of tech stocks such as Apple , Google parent company Alphabet and Microsoft . Lee said that the lauded Invesco QQQ ETF , which largely tracks nonfinancial stocks trading on the Nasdaq, will outperform the S & P 500 for the remainder of 2023. “Our view at Fundstrat is inflationary pressures are going to shrink, which means investors are going to start thinking about the Fed taking their foot off the gas, and that’s financial conditions easing so stocks should generally be very strong,” Lee said Wednesday during a ” CNBC Pro Talks ” discussion about the fall stock market outlook. “And now I’m thinking of the $5.5 trillion in cash on the sidelines, including institutional money that is maybe under risked at the moment.” Lee explained that since institutions typically focus on the most liquid exposure, the attention will be on tech. “I think the triple Q’s, which is very heavily exposed to tech, will probably outperform the S & P into year-end. If we think the S & P has 10% upside into year-end, the triple Q’s could be 15%,” he said. While Lee said he focuses less on individual stocks, he highlighted Amazon as a potentially “big winner” in the remaining four months of the year due to the company’s positive inflection after earnings. Amazon stock has added nearly 62% from the start of the year.