Goldman Sachs statistics show that in the seven rounds of interest rate hikes since 1988, the S&P 500 typically experienced a pullback after the first rate hike, bottoming out in about two months with a 4% retracement, and then returning to positive territory within six months, with a median 12-month return of about 9%. Therefore, this historical pattern is closer to "short-term valuation pressure followed by economic and earnings support," rather than the immediate exhaustion of negative factors after an interest rate hike.
