Stocks fell on Monday, as investors look ahead to Federal Reserve Chair Jerome Powell's upcoming speech on inflation later this week, ending the market's summer rally. The Dow Jones Industrial Average dropped over 600 points, while the S&P 500 Index and Nasdaq Composite both fell over 2%.

Here's how the market settled on Monday:

S&P 500 Index (SPY  ): -2.14% or -90.49 points to 4,137.99

Dow Jones Industrial Average (DIA  ): -1.91% or -643.13 points to 33,063.61

Nasdaq Composite Index (QQQ  ): -2.55% or -323.64 points to 12,381.57

Monday's losses follow a losing week, with the S&P 500 snapping a four-week winning streak. Still, the index is well above bear market territory, with the S&P 500 about 13% above its June lows.

Investors are growing concerned that the Federal Reserve will continue its aggressive rate hikes to bring down inflation to a more manageable level. Powell's remarks on Friday will likely offer Wall Street more clues on the magnitude of the central bank's next rate hike scheduled for September.

Market participants are also anxiously awaiting another inflation reading on Personal Consumer Expenditures due out Friday, which is the Fed's preferred gauge, as they look for signs that inflationary pressures may have peaked.

Growth stocks like tech names fell on increased concerns over more aggressive rate hikes on Monday, with Amazon (AMZN  ), Apple (AAPL  ), Alphabet (GOOGL  ) and Netflix (NFLX  ) sinking lower. Semiconductors were also impacted, with Nvidia (NVDA  ), Micron (MU  ), and Advanced Micro Devices (AMD  ) all down over 3%.

For Monday's news, Ford (F  ) plans to cut about 3,000 jobs from its global workforce, according to a message to employees obtained by CNBC, as the automaker works to lower costs as part of its restructuring efforts.

"Building this future requires changing and reshaping virtually all aspects of the way we have operated for more than a century," the message reads. "It requires focus, clarity and speed. And, as we have discussed in recent months, it means deploying resources and addressing our cost structure, which is uncompetitive versus traditional and new competitors."

Separately, Ford shares were impacted Monday after a judge orders the company to pay $1.7 billion to the family of victims killed in a 2014 accident involving the rollover of a F-250 pickup truck.

Elsewhere, AMC Entertainment (AMC  ) shares fell about 42% on Monday as the company's new preferred share class began trading under the ticker "APE". The company's stock was also impacted by rival Regal Cinemas owner warning of potential bankruptcy.