Stocks fell Tuesday, with the three major indexes looking for dip for a second straight session.

[Click here to read what's moving markets heading into Wednesday, April 21]

The Dow and S&P 500 each slid further below their recent all-time highs. Cyclical travel and leisure stocks including airlines and cruise lines slid, while Big Tech stocks dipped even as the benchmark 10-year Treasury yield edged lower.

"It's really been an amazing tug-of-war between growth and value, cyclicals and defensives. Tech has outperformed phenomenally well over the last three to four weeks. But what we're seeing ... is a little bit of a move underneath the surface," Andrew Smith, Delos Capital Advisors, told Yahoo Finance on Monday.

"While the headline sectors really underperformed from the technology, consumer discretionary perspective, we have looked at industry groups, and we've seen tech hardware do well. We've seen software services continue to do well," he added. "And we think that really is an economic function – that the momentum that we've seen in the V-shaped reflationary recovery is now set to pull back and wane a bit, and we're going a little bit more growth-y [and] defensive, in the markets."

Despite the recent dips, stocks still remain near all-time highs and have already rallied 10.8% for the year-to-date, leading some analysts to speculate that sentiment may be running too hot.

"Many of our favorite sentiment gauges are becoming extremely bullish, which could be a near-term contrarian warning," Ryan Detrick, chief market strategist for LPL Financial said in a note Monday. "The American Association of Individual Investors Sentiment Survey recently showed bulls outnumber bears by the most since January 2018."

"The 10- and 20-day average put/call ratios from the Chicago Board Options Exchange (CBOE) are above their 95th percentile – suggesting option markets are flashing a good deal of complacency," he added. "The Bank of America Global Fund Manager survey also showed that portfolio managers are maintaining significant underweights to cash, implying investors are all-in on the 'risk on' environment."

Still, however, a bevy of better-than-expected S&P 500 first-quarter earnings results have, to others, served as justification for stocks' continued upward trend. Of the about 9% of S&P 500 companies that have so far reported earnings results, 81% have topped already elevated bottom-line estimates. On Tuesday, companies including Netflix (NFLX) are set to report earnings results after market close.

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4:02 p.m. ET: Stocks post back-to-back days of declines; Dow drops 257 points, or 0.7%

Here were the main moves in markets as of 4:02 p.m. ET:

• S&P 500 (^GSPC): -28.32 (-0.68%) to 4,134.94

• Dow (^DJI): -256.93 (-0.75%) to 33,820.70

• Nasdaq (^IXIC): -128.50 (-0.92%) to 13,786.27

• Crude (CL=F): -$0.77 (-1.21%) to $62.61 a barrel

• Gold (GC=F): +$7.80 (+0.44%) to $1,778.40 per ounce

• 10-year Treasury (^TNX): -3.9 bps to yield 1.5620%

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2:55 p.m. ET: Stocks extend declines, Dow sheds 350+ points, or 1%

Stocks extended declines during afternoon trading, with about an hour left until the closing bell.

The Dow dropped 378 points, or 1.1%, as shares of Nike and Boeing each shed more than 4.6%. Utilities, real estate, healthcare and consumer staples were the only sectors in the green in the S&P 500 on Tuesday afternoon, with the blue-chip index down 1%. The Nasdaq underperformed, dropping 1.4%.

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11:50 a.m. ET: 'Market weakness could continue near-term': BofA

Investors dumped equities at an impressive clip last week, with the negative fund flows suggesting the recent drop in equities could continue in the near-term, according to an analysis from Bank of America.

"Last week marked the fifth biggest weekly net sales (-$5.2B) by clients in history (since 2008) and the largest since November," Bank of America equity strategist Savita Subramanian wrote in a note Tuesday. "Market weakness could continue near-term. In the prior times weekly flows were this (or more) negative, the subsequent week's returns were -1% on avg/median (chart below) with negative returns 75% of the time."

By type of investor, Bank of America also noted that retail clients were the only net buyers of equities last week, while institutional and hedge fund clients sold.

"Retail clients have been buyers for the eighth straight week, while hedge fund clients sold for the third straight week," Subramanian said.

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9:30 a.m. ET: Stocks open lower

Here's where markets were trading after the opening bell Tuesday morning:

• S&P 500 (^GSPC): -9.07 (-0.22%) to 4,154.19

• Dow (^DJI): -119.78 (-0.35%) to 33,957.85

• Nasdaq (^IXIC): -10.76 (-0.05%) to 13,902.34

• Crude (CL=F): +$0.27 (+0.43%) to $63.65 a barrel

• Gold (GC=F): -$2.80 (-0.16%) to $1,767.80 per ounce

• 10-year Treasury (^TNX): +0.8 bps to yield 1.607%

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9:01 a.m. ET: Dogecoin spikes before paring gains on 'Dogeday 4/20'

Meme-based cryptocurrency dogecoin (DOGE-USD) jumped on Tuesday before paring gains and turning negative as investors pushed the stock up on "Dogeday 4/20." Dogecoin reached as high as $0.42 before dipping 4% Tuesday morning in New York to trade around $0.38.

The hashtag "doge#420" was trending on Twitter Tuesday morning as proponents of the token posted images of Shiba Inu dogs, and other memes, and discussions over dogecoin proliferated on message boards like Reddit. It is unclear why the date was designated as "Dogeday," though some internet users have drawn links between the token and Weed Day, celebrated by weed smokers annually on April 20.

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8:50 a.m. ET: Johnson & Johnson beats Q1 expectations, posts estimates-topping full-year earnings guidance.

Johnson & Johnson (JNJ) posted first-quarter results and full-year guidance that topped estimates, with some trends seen during the pandemic in consumer health and medical device sales starting to reverse.

Adjusted earnings of $2.59 per share grew over last year, and sales of $22.32 billion were better than the $21.98 billion expected, according to Bloomberg consensus data. Worldwide pharmaceutical sales rose 9.6%, driven by double-digit percentage increases in revenue from drugs Stelara and Xarelto. Consumer health category sales fell 2.9%, however, "primarily driven by negative prior year comparisons related to the COVID-19 pantry loading in Q1 2020, mainly in over-the counter products," the company said. That said, medical device sales, which had been weak during the pandemic as consumers hesitated to get elective procedures, grew 8.8%.

Johnson & Johnson sees full-year sales of between $90.6 billion and $91.6 billion, and adjusted earnings per share between $9.42 and $9.57.

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7:36 a.m. ET: Procter & Gamble posts fiscal Q3 results that top estimates, says it will increase prices this year

Consumer products conglomerate Procter & Gamble (PG) posted fiscal third-quarter results that exceeded analysts' expectations, as demand for home goods remained elevated during the pandemic. Shares were little changed to slightly lower in early trading.

Organic revenue jumped 4% in the three months ended March 31, driven by a 7% jump in beauty and 4% rise in grooming organic sales. Core earnings per share of $1.26 were 7 pennies ahead of expectations. The company still anticipates organic revenue will grow between 5% and 6% in its current fiscal year.

The company also announced plans to raise prices on a variety of products to offset rising input costs, with the decision coming amid elevated concerns from market participants over inflation during the post-pandemic recovery.

"The Company added that it has started the process of implementing price increases on its Baby Care, Feminine Care and Adult Incontinence product categories in the United States to offset a portion of the impact of rising commodity costs," Procter & Gamble said in its earnings statement Tuesday. "P&G said the exact amount of the price increase will vary by brand and sub-brand in the range of mid-to-high single digit percentages and will go into effect in mid-September."

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7:07 a.m. ET Tuesday: Stock futures dip in early trading

Here's where markets were trading Tuesday morning:

• S&P 500 futures (ES=F): 4,139.25, down 16.25 point or 0.39%

• Dow futures (YM=F): 33,826.00, down 132 points or 0.39%

• Nasdaq futures (NQ=F): 13,852.00, down 45.25 points or 0.33%

• Crude (CL=F): +$0.34 (+0.54%) to $63.72 a barrel

• Gold (GC=F): -$0.10 (-0.01%) to $1,770.50 per ounce

• 10-year Treasury (^TNX): -0.5 bps to yield 1.594%

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6:03 p.m. ET Monday: Stock futures pull back from record levels

Here's where markets were trading as the overnight session began.

• S&P 500 futures (ES=F): 4,157.00, up 1.5 point or 0.04%

• Dow futures (YM=F): 33,997.00, up 39 points or 0.11%

• Nasdaq futures (NQ=F): 13,900.00, up 2.75 points or 0.02%

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Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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