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Stocks close lower, Dow sheds more than 250 points to snap six-day win streak

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Stocks traded lower Monday, pausing a January rally as investors braced for the busiest week of earnings season and a possible interest rate hike from the Federal Reserve. The Dow fell 0.77%. The S&P 500 dropped 1.30%. The Nasdaq tumbled 1.96%.

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The first quarter will likely mark a turning point for the market – and its upward trajectory probably won't continue, he said. The strategist's comments arrive as stocks take a breather from their latest run. Still, the S&P 500 is up more than 5% for the year, while the Nasdaq Composite has bounced more than 9%. The Dow Jones Industrial Average is up about 2.3% in 2023.

Barring any major surprises, Chief Investment Strategist Chris Senyek expects Powell's tone to be more hawkish than expected as he attempts to rein in the "vicious rally" across the market. Senyek said that he sees "two potential paths ahead: there's a "soft landing", but the Fed hikes to 5%+ and stays there at least into 2024, or the Fed does end up cutting this year, but it's because the U.S. is hurtling toward a deep recession. Either way, big disappointments are likely!"

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