NEW YORK (AP) — Stocks are opening lower on Wall Street as investors turn cautious after a record-setting run for the S&P 500. The index was down 0.3% in early trading Thursday. Traders were disappointed to see that the number of Americans seeking unemployment benefits rose back above 1 million last week, a sign that employers are still cutting jobs as the coronavirus pandemic savages the economy. Treasury yields fell. A day earlier, the S&P 500 slipped from its record after the Federal Reserve released minutes from its latest meeting that showed policymakers say businesses are still cautious because of the tremendous uncertainty surrounding the economic outlook.

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

Global stock markets fell Thursday after minutes to the last meeting of the U.S. Federal Reserve laid out the challenges facing the economy during the coronavirus pandemic.

U.S. shares were set to add to the previous day's losses, with futures for the Dow and S&P 500 both down 0.3% ahead of the open.

In Europe, France's CAC 40 fell 1.2% to 4,919, while Germany's DAX dropped 1.1% to 12,837. Britain's FTSE 100 was down 1.2% at 6,036.

“The latest Fed minutes had been one to offer a reality check for markets, though with the elevated prices, it had likely been an excuse to take some profit off the table as well,” said Jingyi Pan, a market strategist with IG.

“Most notably, Fed minutes from the July FOMC meeting had reflected officials’ views on the pandemic weighing heavily on the economy and posing risks to the medium-term outlook,” she said.

The central bank has been one of the main pillars propping up the market after it slashed short-term interest rates to their record low and essentially promised to buy as many bonds as it takes to keep markets running smoothly.

The Fed’s minutes of its latest policy meeting, released late Wednesday, showed policy makers are finding it difficult to forecast the path of the economy, which will depend greatly on what happens with the virus.

“In no uncertain terms, the FOMC minutes deflated the markets' Federal Reserve air balloon,” said Stephen Innes, chief global market strategist at AxiCorp.

Japan’s benchmark Nikkei 225 dropped 1.0% to finish at 22,880.62. South Korea’s Kospi plunged 3.7% to 2,274.22. Australia’s S&P/ASX 200 fell 0.8% to 6,120.00. Hong Kong’s Hang Seng lost 1.5% to 2,274.22, while the Shanghai Composite fell 1.3% at 3,363.90.

The Asian region depends heavily on a healthy U.S. economy to keep its growth going. Export-dependent Japan has sunk into recession, slammed by the slowdowns in the U.S., as well as China, with production halted, tourism squelched and consumption crimped. Analysts say a recovery is likely coming for the world's third-largest economy, but also acknowledge great uncertainty without a vaccine for COVID-19.

Investors around the world are also waiting for developments on the rising tensions between the United States and China. The world’s largest economies have longstanding trade issues, and President Donald Trump has recently been targeting Chinese tech companies. Also hanging over the market is the upcoming U.S. election, with potential big changes in policies.

In the latest accolade for Big Tech, Apple's total market value briefly topped $2 trillion, the first time a U.S. company has crossed that threshold. Technology companies, including video-game maker Nintendo Co. of Japan, are thriving as the pandemic accelerates work-from-home and other tech-friendly trends.

Benchmark U.S. crude fell 43 cents to $42.50 a barrel in electronic trading on the New York Mercantile Exchange. It rose 4 cents to $42.93 per barrel Wednesday. Brent crude, the international standard, fell 47 cents to $44.90 a barrel.

The dollar was trading at 105.87 Japanese yen, down from 106.13 yen. The euro cost $1.1842, down from $1.1934.