After another volatile Friday, analysts say they would not be surprised to see stocks take aim at January's lows in the week ahead as investors await two days of testimony from Fed Chair Janet Yellen.
Yellen's two days of testimony on the economy before congressional committees Wednesday and Thursday is the highlight of what promises to be another volatile week in markets. One catalyst that has been temporarily removed is China, where markets are closed for the Lunar New Year, and little data is expected.
The Fed chair's testimony comes as markets are anxious about the health of the economy and the Fed's stated intention to continue on a rate hiking path. But the markets have also priced out the possibility of a rate hike for this year, over concerns that the weakening economy and faltering financial conditions could give way to a recession. New York Fed President William Dudley this past week highlighted the Fed's concerns about financial conditions.