U.S. stocks traded lower on Monday, as investors grew cautious ahead of a busy week of central-bank meetings and corporate earnings.

The stock market has taken a turn for the 2023 year.

Futures for the S&P 500 fell 0.3% on Friday. Contracts for the tech-focused Nasdaq-100 declined 0.6%, while futures for the Dow Jones Industrial Average were close to flat. Investors are assessing how a fresh batch of economic data is likely to impact central-bank policy through the course of this year. The Fed raised interest rates seven times last year in an effort to slow economic growth and curb inflation.

Big banks are still paying low interest rates on checking and savings accounts, even though the Federal Reserve has raised rates significantly in recent years. Wealthy customers who have been waiting for higher rates are now moving their money into investment products that have kept pace with the Fed's increases.

Despite plans for an unprecedented number of grid-scale wind and solar installations, project construction is plummeting across the U.S.