After experiencing 13 positive weeks, Wall Street began the week on a weaker note. Traders have revised down their expectations for Fed interest rate cuts due to stronger-than-expected economic data and statements from Federal Reserve officials suggesting that rates will not be reduced in the near future. Both Fed Chair Jerome Powell and Minneapolis Fed President Neel Kashkari warned that monetary policy may remain restrictive for some time due to the impressive economic resilience. The services sector saw unexpected growth in January, leading to the extension of its 13th consecutive month of expansion. As a result, traders have shifted their expectations, removing the possibility of a rate cut in March and reducing their rate cut expectations for 2024. Treasury yields increased, causing the dollar to strengthen, and small-cap stocks were hit the hardest. Bond prices fell, oil prices rebounded, and there were various movements in major indices and ETFs. Notable stock movers included Nvidia Corp., Meta Platforms Inc., Snap Inc., Catalent Inc., and Caterpillar Inc.