Multiple financial firms have raised their year-end price targets for the S&P 500 (^GSPC), as strategists believe the market has room to grow. On Tuesday morning, Federal Reserve Chair Jerome Powell also kicked off his two-day testimony before the Senate regarding the state of the economy.

Comerica chief investment officer John Lynch joins Market Domination to give insight into the market's future and Chair Powell's economic outlook.

Lynch argues it will take more time to gain clarity on market performance and interest rate cuts: "We have to see more clarity from the Fed, more clarity from the data. This is a big month: we had obviously the jobs report. We have second quarter earnings. We have the Fed meeting at the end of the month, and then Thursday's CPI report. So I don't think you're going to see as much as you would from what we used to call the Humphrey-Hawkins testimony The eight pressers after each Fed meeting is certainly more important, I think, than the congressional testimony this week...We're going to see a cut in September, a cut in December as well. But after that, that's what the market has to figure out. "

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Nicholas Jacobino