Stocks came under pressure on Monday as disappointed quarterly results from McDonald's and concerning outlooks impacted the market's recent winning streak. The Dow Jones Industrial Average fell nearly 275 points, while the S&P 500 Index and Nasdaq Composite lost 0.3% and 0.2%, respectively.

Here's how the market settled on Monday:

S&P 500 Index (SPY  ): -0.32% or -15.80 points to 4,942.81

Dow Jones Industrial Average (DIA  ): -0.71% or -274.30 points to 38,380.12

Nasdaq Composite Index (QQQ  ): -0.20% or -31.28 points to 15,597.68

In the News: Goldman Sachs estimates that the United States' economy may be growing too quickly to support recent disinflationary trends, according to analyst Jan Hatzius. The U.S. economy expanded at an annualized rate of 4.1% in the second half of the year while nonfarm payrolls grew by 353,000 last month, Hatzius highlighted, representing two data points that are "well above" the firm's estimates for long-term sustainable growth.

"Our most out-of-consensus global view over the past 18 months has been that U.S. growth would remain solid alongside declining inflation. Recently, however, some key indicators have been more than just solid," Hatzius wrote in a Monday note. "This raises the question whether the U.S. economy is now growing too quickly to sustain the disinflationary trend."

On the Earnings Front: McDonald's (MCD  ) reported mixed fourth-quarter results on Monday as the fast-food giant's sales were impacted by geopolitical pressures in the Middle East. The company's global same-store sales rose by a less-than-expected 3.4% last quarter, as its Middle Eastern sales waned in response to boycotts.

"The Company is monitoring the evolving situation, which it expects to continue to have a negative impact on Systemwide sales and revenue as long as the war continues," McDonald's said in a regulatory filing with the U.S. Securities and Exchange Commission (SEC).

Caterpillar (CAT  ) shares rose on Monday after the heavy machinery manufacturer posted strong North American sales in its fourth quarter. Retail sales in North America rose 11% annally last quarter, while Caterpillar's fourth-quarter profit rose to a better-than-expected $2.68 billion, representing $5.28 per share.

In Economic News: The U.S. services sectors expanded in January, with the ISM Services purchasing managers index registered a 53.4 reading on Monday. The growth marked the 13th consecutive month of expansion, with readings above the neutral level of 50 representing the share of companies reporting growth over contraction.

In Single-Stock News: Catalent (CTLT  ) shares rose nearly 10% on Monday after Novo Holding announced it will acquire the pharma company for $63.50 per share all-cash deal valued at $16.5 billion. The deal is expected to close later this year.

"Over the past several years, Catalent has built a comprehensive end-to-end offering of services and capabilities to drive innovation in the healthcare system and improve patient outcomes. This transaction is a testament to our team's hard work and dedication to this mission," Catalent CEO Alessandro Maselli said in a statement.

Snap (SNAP  ) announced plans to cut 10% of its global workforce, impacting about 500 employees, as the social media company looks to "promote in-person collaboration. The new round of job cuts follow Snap's decision to layoff 20% of its staff in August 2022

"In order to best position our business to execute on our highest priorities, and to ensure we have the capacity to invest incrementally to support our growth over time, we have made the difficult decision to restructure our team," Snap said in a securities filing.

For Tuesday: Market participants will turn their attention to more Fedspeak on Tuesday, as well as earnings reports from companies including Eli Lilly (LLY  ), Spotify (SPOT  ) and Palantir Technologies (PLTR  ).