Chart below explains the return of S&P 500 after 1st rate hike was implemented by Federal reserve.

Federal reserve rate hike and return of S&P 500
Federal reserve rate hike and return of S&P 500

Every year is different , we have Ukraine war crisis , Pandemic fear not completely gone and inflation is all time high. This chart is only to give you reference that how market reacted after 1st rate hike.