Stocks fell lower on Monday, with the Nasdaq Composite closing at the lowest level in two years, as Wall Street cautiously looked ahead at a busy week of third-quarter earnings reports and fresh inflation data. The Dow Jones Industrial Average dropped over 90 points, while the S&P 500 and Nasdaq closed 0.7% and 1% lower, respectively.

Here's how the market settled on Monday:

S&P 500 Index (SPY  ): -0.75% or -27.27 points to 3,612.39

Dow Jones Industrial Average (DIA  ): -0.32% or -93.91 points to 29,202.88

Nasdaq Composite Index (QQQ  ): -1.04% or -110.30 points to 10,542.10

Driving the Nasdaq lower, the Biden administration imposed new export limits on U.S. semiconductor companies sales in China, causing stocks like Nvidia (NVDA  ) and AMD (AMD  ) to sink lower, bringing the broader technology sector down with them.

Monday's session was also pulled lower by comments from JPMorgan (JPM  ) CEO Jamie Dimon, who warned that the U.S. economy will likely falling into a recession by 2023.

Dimon told CNBC's Julianna Tatelbaum on Monday that the a "very, very serious" mix of headwinds, including the impact of runaway inflation, interest rates rising at a faster-than-expected pace, the unknown effects of the Federal Reserve's quantitative easing and Russia' war with Ukraine, are "likely to put the U.S. in some kind of recession six to nine months from now."

Dimon added that the severity of the recession is "reliant on what happens with this war," warning that it could "go from very mild to quite hard."

Elsewhere, shares of Ford (F  ) and General Motors (GM  ) fell on Monday after UBS (UBS  ) downgraded both stocks, citing expectations for weakening demand amid inflationary pressures on consumers. The investment firm downgraded Ford to Sell from Neutral and GM to Neutral from Buy.

Monday's moves follow a volatile week on Wall Street, which began with a strong two-day rally to only spark a strong sell-off later in the week that erased much of the week's gains. By the end of last week, investors were concerned that the Federal Reserve will maintain its aggressive rate hiking campaign in response to September's unemployment rate unexpectedly ticking lower.

The week ahead also presents many concerns for investors, with multiple inflation reports and the start of the third quarter earnings season on the docket. This week, investors will react to earnings reports from big banks including JPM, Citigroup (C  ), Wells Fargo (WFC  ) and Morgan Stanley (MS  ). Other notable companies set to report are Delta Air Lines (DAL  ) and PepsiCo (PEP  ).