Companies on the index have lost about $3.1 trillion in market capitalization so far this year.
In his typically bullish fashion, Tom Lee is downplaying the impacts of the Russia-Ukraine conflict.
Fast-growing tech companies are sensitive to higher interest rates.
One theory says that January performance is a harbinger for where the market will go the rest of the year.
But that doesn't necessarily mean the bull market is dead, Truist said.
Since 1969, the S&P 500 index has averaged a gain of 1.3% over the seven-day "Santa Claus rally" period.
Share repurchases more than doubled from a year earlier for S&P 500 companies.
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