Stocks on Wall Street fell for a second straight day on Tuesday as a global spike in coronavirus cases hit travel-related shares and investors had second thoughts about big U.S. banks' apparently stellar earnings last week.

The S&P 500 closed 4,134, a decline of 1.2% from record highs on Friday.

Companies have been handing in solid quarterly results, but the bar is high for earnings to lift the stock market higher after a strong rally to record highs this year. The Dow and the S&P 500 are still both up 10% for the year after hitting records on Friday.

Stocks are now in a choppy period, and technical analysts say it has the look of a short-term pullback. Strategists say it would make sense for this week’s selling to fit in the pattern of many pullbacks with a 3% to 5% decline.

Stock futures were little changed in early morning trading Wednesday amid a sharp decline in Netflix shares.

Netflix shares plunged about 9% in extended trading after the streaming giant reported  subscriber additions that fell far short of Wall Street estimates as the demand surge from the pandemic started to fade. Netflix posted better-than-expected earnings for the first quarter, however.

Wall Street suffered back-to-back losses as reopening plays led the market lower amid renewed concerns about rising new Covid cases globally. The Dow fell 250 points on Tuesday for its worst daily performance since March 23, while the S&P 500 and the Nasdaq slid 0.7% and 0.9%, respectively.

Verizon and Chipotle Mexican Grill are slated to report numbers on Wednesday.