Despite some having described the year's first quarter as disappointing or subpar, experts Tom Lee and S&P Capital IQ's Lindsey Bell said Monday they remain bullish on U.S. stocks.
"I think we're going to see some big gains this year," Fundstrat Global Advisers' managing partner told CNBC's "Squawk on the Street." "If you look at the last 30 years, the correlation between gasoline spending and apparel spending for 80 percent of households is essentially -1, meaning if gasoline drops 50 percent, in the last 30 years, it was always a commensurate increase in entertainment and apparel spending."
U.S. crude fell about 2 percent on Monday as investors kept an eye on negotiations regarding Iran's nuclear program in Switzerland.
Lee also said he expects the next round of earnings to be positive. "The level of earnings has obviously not been great, but I do think earnings are going to be a positive catalyst because we're going to hear companies say, 'Look, we don't know where oil's going to settle, but if it stays here, we're good on margins,' " he said.