Stocks dipped lower on Monday as investors pulled back from Wall Street's recent five week winning streak. The Dow Jones Industrial Average slipped more than 40 points, while the S&P 500 Index and Nasdaq Composite lost 0.5% and 0.8%, respectively.

Here's how the market settled on Monday:

S&P 500 Index (SPY  ): -0.54% or -24.85 points to 4,569.78

Dow Jones Industrial Average (DIA  ): -0.11% or -41.06 points to 36,204.44

Nasdaq Composite Index (QQQ  ): -0.84% or -119.54 points to 14,185.49

Monday's moves followed major market strength last Friday, with the S&P 500 posing its highest close since March 2022 to bring its year-to-date gains at the brink of the bull market at nearly 20%. The Dow is also up more than 9% for the year, while the Nasdaq has continued its bull market rally --driven by increased tech sector strength boosted by the emerging artificial intelligence market -- as its has risen 35% in 2023.

In single-stock news, Alaska Air Group (ALK  ) shares dropped over 14% after the carrier agreed to acquire rival Hawaiian Airlines (HA  ) for $1.9 billion as part of its effort to expand its business along the West Coast of the United States. Alaska will pay $18 pers ahre for Hawaiian and take on $900 million of its debt, the companies said on Sunday.

Spotify (SPOT  ) shares rose on Monday after the music streaming platform announced it was laying off 17% of its workforce. In an email to staff, CEO Daniel Ek said that ht company was taking "substantial action to rightsize our costs," quoted by CNBC, added that Spotify hired too many employees throughout 2020 and 2021.

"Over the last two years, we've put significant emphasis on building Spotify into a truly great and sustainable business - one designed to achieve our goal of being the world's leading audio company and one that will consistently drive profitability and growth into the future," Ek added in an internal memo that was shared on Spotify's website.

Twilio (TWLO  ) announced similar layoff plans, with the software company cutting 5% of its workforce, mainly from its Data & Applications business and impacting about 400 employees, in effort to streamline operations. The restructuring costs are estimated to range between $25 million and $35 million.

Oppenheimer analysts led by Jason Helfstein believe Uber Technologies (UBER  ) will climb higher once the stock joins the S&P 500, with the firm also maintaining its outperform rating on the ride-hailing giant. Uber will join the broader market benchmark prior to market open on Monday, Dec. 18, replacing Seal Air Corp (SEE  ).

"Following the inclusion, we expect UBER to lean into growth and share buybacks, which should increase investor sentiment for growth/return in 2024," the analysts wrote in a note.

For Tuesday, market participants will react to the S&P U.S. services PMI and ISM services readings for November, as well as October's job openings data -- all due out in the morning. On the earnings front, NIO (NIO  ) is slated to deliver third quarter earnings Tuesday morning.