NEW YORK (AP) — Stocks are opening broadly lower on Wall Street as a rally that drove the market higher over the past three weeks loses steam. The S&P 500 fell 1.1% in early trading Tuesday. If it ends the day that much lower it will be the worst decline in three weeks. Banks, industrial and energy stocks led the declines. Those sectors had been doing the best in recent days. They’re among the ones that would stand to benefit most from a recovery in the economy. A day earlier, the S&P 500 turned positive for the year and the Nasdaq hit a record.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story is below:

Stocks are sweeping higher on Monday as Wall Street continues to ride th

World stock markets dropped on Tuesday as investors appeared to become more cautious about a recent rally that has pushed U.S. shares to near record highs.

Benchmarks fell in Paris, London and Tokyo on Tuesday and U.S. futures also declined. Analysts say the recent rally may be overdone given uncertainties over the pandemic and economic recoveries.

Traders are awaiting a meeting of the U.S. central bank this week that might signal future policy. And economic data in Europe has been predictably bad, with Germany reporting its exports fell by a quarter in April. The figures followed data showing big drops in factory orders and industrial production in Europe’s biggest economy, underlining expectations of a sharp economic contraction in the second quarter.

Germany's DAX lost 1.9% to 12,575, while France’s CAC 40 fell 1.8% to 5,083. Britain's FTSE 100 slipped 1.7% to 6,363. U.S. shares were set to slip back, with the future for the Dow industrials down 1% and S&P 500 futures shedding 0.8%.

In Asian trading, Japan's benchmark Nikkei 225 lost 0.4% to finish at 23,091.03 and India's Sensex declined 0.6% to 34,160.33.

South Korea's Kospi gained 0.2% to 2,188.92. Hong Kong's Hang Seng jumped 1.1% to 25,057.22, while the Shanghai Composite index gained 0.6% to 2,956.11.

Australia's S&P/ASX 200 jumped 2.4% to 6,144.90, tracking Wall Street's recent gains. The market was closed on Monday for a public holiday.

In Japan, the government reported that wages fell in April as the country widened precautions to fight the coronavirus pandemic, causing some businesses to close or limit their operations.

Lower incomes make consumers even less likely to spend, compounding difficulties in boosting demand at a time when the economy is in recession. A failure to get companies to raise real wages has hindered efforts to return the economy to solid, sustainable growth.

Overnight, the Nasdaq composite, which is more heavily weighted to the big technology stocks that held up the best earlier this year, gained 1.1%, to 9,924.74. Investors were also cheered by the U.S. government report last week that said that employers added 2.5 million jobs to their payrolls last month. Economists were expecting to see 8 million more lost.

But that good news may well reduce the likelihood of further stimulus, including extensions of unemployment benefits and more assistance for businesses and states.

And with coronavirus infections still rising in the U.S. and many other countries, the outlook for the pandemic remains unclear.

“Across the developed world, we will soon know if our national leaders were geniuses, lucky, naive, greedy, short-sighted or just plain dumb. Economies all over the globe are reopening before COVID-19 has been controlled,” said Jeffrey Halley, senior market analyst of Asia-Pacific at Oanda.

Benchmark U.S. crude oil lost 25 cents to $37.94 per barrel in electronic trading on the New York Mercantile Exchange. It fell $1.36 to $38.19 a barrel on Monday. Brent crude oil shed 35 cents to $40.45 a barrel.

The dollar fell to 108.17 Japanese yen from 108.44 yen. The euro inched down to $1.1281 from $1.1289.