Wall Street fell on Monday in a broad pullback from a recent rally and on brewing tensions in the Asia-Pacific region.

The S&P 500 was down 0.33%, the Dow Jones Industrial Average slid 0.24%, and the Nasdaq fell 0.37%.

The Dow closed out Friday with its fourth straight week of gains, powered higher by the Federal Reserve's confidence in the U.S. economy. All benchmark indexes clocked fresh all-time highs last Wednesday, enjoying their best one-day performance of the year.

Worries over brewing tensions in Asia rose overnight after North Korea fired four ballistic missiles into seas near Japan. Japan's Prime Minister Shinzo Abe said, "This clearly shows North Korea has entered a new stage of threat." South Korea's Joint Chiefs of Staff said they were currently analyzing the situation, though there appeared to be no damage from the projectiles.

U.S.-traded shares of Deutsche Bank  (DB - Get Report)  fell 3.8% on Monday after the bank confirmed it will raise around €8 billion ($8.5 billion) in capital from shareholders and said it plans sell off a stake in its asset management business. Europe's largest bank said it would issue 687.5 million new shares later this month.

Deutsche Bank shares weighed on the rest of the financial sector. Other banks including Bank of America (BAC - Get Report) , JPMorgan (JPM - Get Report) , Wells Fargo (WFC - Get Report) , Goldman Sachs (GS - Get Report) and Citigroup (C - Get Report) were also lower. The Financial Select Sector SPDR ETF (XLF - Get Report) declined 0.66%.

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The financials sector wasn't the worst performer on markets, though. Basic materials stocks slumped after China suggested limiting its steel capacity by 50 million metric tons and coal output by 150 million metric tons this year. China, the world's second-largest economy, also cut its economic growth targets to 6.5%, down from a range of 6.5% to 7% set last year. 

Materials stocks, including BHP Billiton (BHP) , Vale (VALE - Get Report) , U.S. Steel (X - Get Report)  and Freeport-McMoRan (FCX - Get Report) were sharply lower. The Materials Select Sector SPDR ETF (XLB - Get Report) fell 0.63%. 

Donald Trump signed his second iteration of a controversial travel ban on Monday. The revised travel ban from the executive branch bans travel to the U.S. from six Muslim-majority nations; Iraq was part of the first travel ban but was removed in the revision. The ban lasts for 90 days. The first version of the immigration order was struck down by the Ninth U.S. Circuit Court in January. The order could face fresh challenges from the courts given the unconstitutionality of a religious test, a barrier to entry Trump once suggested on the campaign trail.

General Motors (GM - Get Report)  reached a deal to sell its money-losing European operations, Germany's Opel and British brand Vauxhall, to PSA Peugeot (PEUGF) for about $2.3 billion. GM hadn't made a profit in Europe in nearly two decades. 

PSA will buy the Opel and Vauxhall brands for around €1.3 billion ($1.38 billion) while PSA and BNP Paribas will take joint 50% stakes in Opel/Vauxhall financing for around €900,000, the companies said in a statement. The deal creates Europe's second-largest carmaker behind Volkswagen, with a 17% market share.

Valeant Pharmaceuticals (VRX) slumped 4.9% on Monday after announcing that it had used proceeds from a recent sale to pay down $1.1 billion of its senior secured term loans. Valeant had successfully closed its sale of skincare products to L'Oreal at the end of last week. The drugmaker is also seeking to refinance and amend an existing credit agreement. 

Airlines were sharply lower on Monday after Delta Air Lines (DAL - Get Report) cut its first-quarter margin guidance, saying fuel costs had risen more quickly than expected. Chief Financial Officer Paul Jacobson said the carrier expects first-quarter operating margin to be between 10% and 11%. Previous guidance had been between 11% and 13%.

Delta shares fell 3%. United Continental (UAL - Get Report) , JetBlue (JBLU - Get Report) , Alaska Air (ALK - Get Report) , and Spirit Airlines (SAVE - Get Report) were also lower. 

FedEx (FDX - Get Report) was upgraded to outperform at BMO Capital. Analysts said the company is leveraged to an improving domestic industrial outlook.

Goldman Sachs downgraded GoPro (GPRO - Get Report)  to sell from neutral and upgraded Garmin (GRMN - Get Report) to neutral from sell. The firm said GoPro was facing challenges and burning through cash. Garmin's valuation, on the other hand, looks more attractive as consensus estimates appear to bottom out. 

Analysts at Citi raised Apple's (AAPL - Get Report) price target to $160 from $140 while maintaining their "buy" rating. The impending iPhone 8 "super-cycle" is expected to drive sales and earnings growth in the second half of the year.

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Factory orders in January came in stronger than expected, a sign the U.S. manufacturing sector continues to improve from weakness last year. Orders rose by 1.2% in January, according to the Census Bureau, dipping from 1.3% growth in December, though coming in 100 basis points above estimates.

The economic calendar will heat up toward the end of the week, capped off on Friday with the release of the U.S. jobs report for February. A strong jobs report should be enough for the Fed to determine whether to raise interest rates at its meeting next week. Fed members have turned hawkish in recent months, calling the March meeting a "live" one and telegraphing more than one rate hike this year.

"The fact that stocks are not only unfazed by the expectation of a rate hike next week but, in fact, moving higher, gives the Fed the opening it needs," said David Joy, Ameriprise chief market strategist. "The last remaining hurdle before next week's Federal Open Market Committee meeting is Friday's report on February employment, and unless the report contains some unexpectedly weak results, the rate hike is all but assured." 

Jim Cramer sat down with four market experts to talk about how to play the Trump tax plan, the administration's impact on the dollar, commodities and more. Click here to check out their recommendations.