On Monday, US stocks faced challenges in gaining momentum as discouraging data and remarks from Treasury Secretary Scott Bessent heightened concerns about the economy before the Federal Reserve policy meeting scheduled for this week.

The S&P 500 (^GSPC) saw a slight 0.1% decline, while the Dow Jones Industrial Average (^DJI) slipped by 0.2%. The Nasdaq Composite (^IXIC), known for its tech focus, also experienced a minor 0.1% decrease.

These indices dipped following a recent market sell-off that pushed the S&P 500 (^GSPC) into correction territory and led to the Dow's poorest weekly performance since March 2023. Economic slowdown fears and uncertainty around Trump's trade strategies have been causing fluctuations in the markets.

Over the weekend, Bessent's comments on a news program exacerbated these concerns when he mentioned his lack of worry about the recent stock decline, stating that corrections are often beneficial. He emphasized that there are no guarantees that the US can avoid a recession.

Retail sales data released showed a lower-than-expected increase in February and a downward revision of January's figures. February's retail sales rose by 0.2% compared to an anticipated 0.6% rise, while January's previously reported 0.9% decline was revised to a more significant drop of 1.2%.

Additionally, the New York Fed's report on manufacturing activity in March indicated a substantial downturn, with the business conditions index dropping to -20 from February's 5.7 reading.

As the Federal Reserve's two-day meeting commences on Tuesday, it is widely anticipated to keep interest rates unchanged. Market participants will be closely monitoring any signals regarding how the central bank views the economic outlook in light of Trump's policies.