Stocks were little changed on Monday as Wall Street cooled off from last week's rally. The Dow Jones Industrial Average added about 35 points, while the S&P 500 Index and Nasdaq Composite rose by roughly 0.2% and 0.3%, respectively.

Here's how the market settled on Monday:

S&P 500 Index (SPY  ): +0.18% or +7.64 points to 4,365.98

Dow Jones Industrial Average (DIA  ): +0.10% or +34.54 points to 34,095.86

Nasdaq Composite Index (QQQ  ): +0.30% or +40.50 points to 13,518.78

Stocks came off their best week of 2023 so far on Monday, with the Dow posting its biggest weekly gains since October 2022 as last month's softer-than-expected jobs report helped pull bond yields lower. The S&P 500 and Nasdaq also notched their best weeks since last November.

JPMorgan strategist Marko Kolanovic warned Monday that the market's recent rally is expected to reverse.

"We believe that equities will soon revert back to an unattractive risk-reward as the Fed is set to remain higher for longer, valuations are rich, earnings expectations remain too optimistic, pricing power is waning, profit margins are at risk and the slowdown in topline growth is set to continue," Kolanovic wrote.

"The bad news is good news zone may be quite narrow, as it is difficult to distinguish between a healthy slowdown and the initial stages of recession without the benefit of hindsight," he added.

In single-stock news, Paramount (PARA  ) shares declined following Bank of America's double-downgrade of the entertainment giant to Underperform from Buy. BAC noted that the company does not have any significant opportunities to sell parts of its business in the near-term.

Bumble (BMBL  ) shares fell after the online dating company announced that founder and CEO Whitney Wolfe Herd will step down early next year. Lidiane Jones, CEO of Salesforce's (CRM  ) Slack, will take over as lead in January, according to a company release.

Hilton Grand Vacations (HGV  ) shares came under pressure after the company announced it would acquire Bluegreen Vacations (BVH  ) for about $1.5 billion.

"Bluegreen Vacations has a strong track record of demonstrated organic growth, a dedicated customer base of more than 200,000 members, and boasts key lead-generating strategic partnerships that will broaden our reach and diversify our tour flow," said Mark Wang, president and CEO of Hilton Grand Vacations, in a statement. "Along with our long-standing relationship with Hilton, this highly complementary combination will also unlock additional upside by leveraging the infrastructure we have built over the past few years with the launch of the Hilton Vacation Club brand, our HGV Max membership offering, the HGV Ultimate Access experiential platform."

Looking ahead, the third-quarter earnings season is slowing down. This week will see reports from companies including Disney (DIS  ), MGM Resorts (MGM  ) and Occidental Petroleum (OXY  ). Market participants will also react to fresh remarks from Federal Reserve Chair Jerome Powell this week, with investors looking for clues on the central bank's next moves.