Does Fed Raise Interest Rate Cause Stock Price Drop?

We all heard that Fed will take more aggressive action to bring down unacceptably high inflation, including a possible half-percentage-point interest rate hike at the next policy meeting in May. 

So what does this mean to stock price? Will this cause stock price drop?

There is no direct relationship between interest rate and stock price, not like bond price, which has direct relationship with interest rate. I

n theory, when Fed announces to raise interest rate, the loan for both businesses and consumers will increase, this may cause busiiness and consumers to cut their spending. This could also cause earnings to fall and stock prices to drop. 

However by reviewing SP 500 stock performance chart, it is noticable that interest rate changes do not directly affect the stock market, on a few occasions, interest went up, stock price also went up.  Some even claim that conventional wisdom does not apply to current situation.

Below is the SP 500 Chart extracted from moomoo app, it indicated that stock price trend into 'bearish'.