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Consumer will cover oil drag in 2015: Analysts

While low oil prices will drive down energy earnings in 2015, a boost to the consumer discretionary sector will limit its effect on the S&P 500, analysts said on Monday.

"The energy sector makes up about 10 percent of S&P 500 earnings, so you're going to see a slowdown in earnings growth," James Liu, global market strategist at JPMorgan Funds, told CNBC's "Street Signs."

U.S. crude on Monday settled down 2.1 percent at $53.61 a barrel. Continued low prices will likely drag energy earnings down, but, despite its share of S&P 500 earnings, the sector won't drag the greater market down, said Dan Greenhaus, chief global strategist at BTIG.

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"Fortunately, for the overall market, one particular sector doesn't matter," Greenhaus said.

Greenhaus added that consumers will get a "nice boost" from falling oil prices in the near future. Consumer spending will help cover S&P earnings losses brought about by low oil prices, he added.

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Liu and Greenhaus agreed that stocks should move higher in 2015, albeit with continued volatility.