Stocks could see more volatility in the coming week, as traders await Friday's jobs report and watch emerging markets to see if the selloff can be contained.
After taking a bruising in January, stocks start February with the Dow already down 5.3 percent since the start of the year, its worst January since 2010. Traders worry that the old saying, "As January goes, so goes the year" will turn out to be true.
As stocks sold off, yields at the long end moved lower in January. The 10-year yield was at 2.65 percent Friday, a level last seen in November.
"We'll probably have more choppy days as investors watch what's happening in markets abroad," said Stuart Freeman, chief U.S. equity strategist at Wells Fargo Advisors. "We're going to have more volatility this year than last year, and this is part of it. Here we've got the Fed taper once. They pulled back $10 billion this month and then did another $10 billion, and the market responded."