The stock market struggled to gain traction on Monday, owing to speculation that a recent rally was likely overdone, as economic risks remained.

Although investors were not overjoyed at the start of trading, the S&P 500 managed to rise nearly 1% at one point. Those gains, which came after the best week for equities in a month, faded throughout the session, with treasury yields rising adding an extra layer of pressure.

According to Michael Wilson of Morgan Stanley, while technical factors may provide some support to equities in the short term, the "bear-market rally" will be short-lived as fundamentals continue to deteriorate. So, in essence, the recent market action could be viewed as the "calm before the storm," according to Mark Hackett, chief of investment research at nationwide.

Four major events between now and the Federal Reserve's March 22 decision will be critical in determining whether the 2023 equity revival is derailed or resumes after a February slump.