Billionaire investor Leon Cooperman said he is shorting the S&P 500 above 6,400, although he expects the index to fall below those levels and fall in 2025. We’re not going to get there and I think the market is going to go down next year,” Cooperman said Wednesday on CNBC’s “Squawk Box.” “If I had a guess, it was just a guess.” The chairman and CEO of the Omega Family Office issued cautious remarks despite a sharp stock market rally after Donald Trump won the 2024 U.S. presidential election on Wednesday. The Dow Jones Industrial Average hit a record high shortly after the opening bell, and the S&P 500 briefly breached the 5,900-point mark. The S&P 500 closed at 5,782.76 on Tuesday. However, investors expect the market to be “fully priced in” given ongoing risks such as conflict in the Middle East and rising fiscal deficits. “I expect that under Trump, we’re going to have faster growth, higher interest rates and obviously more confidence in the market. That’s what’s reflected this morning,” Cooperman added. “I think the market is reflecting a degree of optimism, but that optimism may be unnecessary.” In particular, he expects rising U.S. Treasury yields to put pressure on stock prices. “I’m not short anything, but I tend to sell stocks on strength,” Cooperman said.
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