Wall Street slid on Monday as lower oil prices dragged down energy stocks. Investors sat on the sidelines ahead of new economic data and the Fed’s monetary policy meeting. Crude prices, which have directed the stock market this year, dropped 3% after Iran killed any hopes of an agreement to freeze output this month.

Stocks have been recovering from a steep sell off at the start of the year. Steady oil prices and strong economic data out of the U.S. have supported the recent recovery, with the S&P 500 only down 1% this year after tumbling as much as 10.5%.

Analysts are calling today’s slide a “healthy pullback.”

On Friday, the Dow and S&P 500 secured their highest close of the year.

The Dow Jones was down 30.88 points (0.18%) at 17,182.43. The Nasdaq Composite dropped 9.02 points (0.19%) to 4,739.45, and the S&P 500 declined 5.46 points (0.27%) to 2,016.73.

Of the 10 major S&P 500 sectors, eight were lower. The energy sector led the declines with a 1.08% drop.

Exxon (XOM) lost 0.6%, falling to $81.63 and dragging down the S&P 500. Meanwhile, Chevron (CVX) weighed on the Dow, falling 1% to $93.64.

Starwood Hotels & Resorts (HOT) climbed 7.8% to $75.88 after the company received an unsolicited takeover bid for $76 per share. Marriott (MAR), leading contender for the Starwood takeover, jumped 2.5% to $70.58.

The number of declining issues outnumbered the advancing ones on the New York Stock Exchange by 1,729 to 919. The Nasdaq had 1,341 issues decline and 879 issues advance.

The S&P 500 had five new 52-week highs and zero new lows. The Nasdaq had 11 new lows and 13 new highs.

The Federal Reserve will hold its two-day monetary policy meeting this week, but is not expected to raise rates. Investors will be paying close attention to the bank’s comments on the U.S. economy and its plans to raise hikes as the global economy continues to weaken.