Stocks traded lower on Monday, extended losses from Friday after Federal Reserve Chair Jerome Powell delivered hawkish remarks at the central bank's annual gathering in Jackson Hole. The Dow Jones Industrial Average fell over 180 points, while the S&P 500 Index and Nasdaq Composite were down about 0.7% and 1%, respectively.

During Monday's session, the Dow briefly climbed into positive territory after falling over 300 points earlier in the day.

Here's how the market settled to start the week:

S&P 500 Index (SPY  ): -0.67% or -27.05 points to 4,030.61

Dow Jones Industrial Average (DIA  ): -0.57% or -184.41 points to 32,098.99

Nasdaq Composite Index (QQQ  ): -1.02% or -124.04 points to 12,017.67

Monday's moves follow steep losses on Friday after Powell's remarks, with the Dow plunging over 1,000 points. The Nasdaq also lost about 4% and the S&P 500 sank over 3%. On Friday, Powell reiterated the Fed's hawkish stance on inflation.

"Restoring price stability will likely require maintaining a restrictive policy stance for some time," Powell said Friday. "The historical record cautions strongly against prematurely loosening policy."

However, the Fed's aggressive monetary policy is not the biggest risk to the stock market right now, according to Morgan Stanley (MS  ) Chief Equity Strategist Mike Wilson. In a commentary on Monday, Wilson wrote that the first half of the year was driven by the Fed's policy, but the second half of the year will be determined by earnings expectations heading into 2023.

"As a result, equity investors should be laser focused on this, not the Fed, particularly as we enter the seasonally weakest time of the year for earnings revisions, and inflation further eats into margins and demand," Wilson wrote, quoted by Bloomberg.

In stock news, JPMorgan (JPM  ) analysts said Monday that Apple's (AAPL  ) Mac supply chain has normalized. That means customers not have to wait on average about five day, compared with an estimated 15 days back in June. Still, the wait times are longer for North America--about 8 days--down from 18 days in June.

Netflix (NFLX  ) shares rose on Monday on news that the streaming giant is considering pricing its ad-supported tier at $7 to $9 per month, according to a Bloomberg report.

The week ahead plans to be a busy one for economic news, with Wall Street gearing up for reports on consumer confidence, job openings, and two jobs reports for August. The earnings season is also winding down, but results from companies like Best Buy (BBY  ), HP (HP  ), Chewy (CHWY  ), Broadcom (AVGO  ), and Lululemon Athletica (LULU  ) are slated for the week ahead.