The S&P 500 notched its largest fall in more than a month after Goldman Sachs warned stock valuations were high. Investors are also speculating over the likelihood of further stimulus cuts when the Federal Reserve meets later in January. Stocks are being punished for any earnings misses as earnings season kicks off while markets await retail sales data tomorrow and inflation data on Thursday. Few pundits expect markets to match last year's gain of 26% with several suggesting a correction is on the cards. TheStreet's Jane Searle reports from the New York Stock Exchange.

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