U.S. stocks fell broadly Wednesday, weighed down by financial shares as investors grew concerned about the outlook for economic growth and corporate earnings.

The Dow Jones Industrial Average closed down 0.5%, while the S&P 500 lost 0.7%. The Nasdaq Composite declined by 1%.

Financial stocks were among the biggest decliners, with Bank of America and Citigroup both falling more than 2%. The sector was pressured by concerns about the impact of low interest rates on bank profitability.

Economic data released Wednesday painted a mixed picture of the U.S. economy. A report on private-sector hiring showed stronger-than-expected job growth, but a separate report on manufacturing activity indicated a slowdown.

Investors are also awaiting the release of earnings reports from several major companies this week. Disappointing results could further weigh on the market.

The decline in U.S. stocks followed a selloff in global markets earlier in the day. European stocks fell sharply after weak economic data from the region.

Some analysts believe that the recent market weakness is a healthy correction after a strong rally earlier in the year. However, others worry that it could be the start of a more significant downturn.

“We’ve had a pretty good run, and it’s not surprising to see a little bit of a pullback,” said John Smith, a portfolio manager at ABC Capital. “But I think the fundamentals are still pretty good, and I expect the market to eventually move higher.”

Despite Wednesday’s decline, the S&P 500 is still up more than 10% for the year.