To The Moon

U.S. stocks slid Wednesday morning as investors moved attention to the latest batch of corporate earnings.

The Dow Jones Industrial Average fell by 124 points, or 0.4%. The S&P 500 slipped 0.5%, while the Nasdaq Composite slid 0.5%.

Chipotle slid more than 4% after missing expectations on the top and bottom linesin its latest results. Meanwhile, CVS and Uber gained more than 2% and 7%, respectively, following earnings that came in above Wall Street estimates.

Stocks closed near session highs after a volatile bout of trading on Tuesday. The Dow Jones Industrial Average jumped about 265 points, or 0.78%. TheS&P 500 rose 1.29%. Meanwhile, the tech-heavyNasdaq Composite outpaced the other two indexes, gaining 1.9%.

Driving Tuesday’s gains was Federal Reserve Chair Jerome Powell’s remarks that inflation has started easing. His comments reiterated those given at his press conference last week, further bolstering investor hopes that the central bank will soon pause or pivot on interest rate hikes.

“We have a Federal Reserve that no longer wants to be adversarial,” said Virtus Investment Partners’ Joseph Terranova said Tuesday on CNBC’s“Closing Bell: Overtime.”“And one could argue that they are not adversarial anymore, because they’ve had two opportunities in the last week to be that way. They didn’t do it.”

Investors are looking to post-bell earnings from companies includingWalt DisneyandRobinhoodfor more insights into how corporate America has handled recent interest rate hikes.

They will also watch for the latest reading on wholesale inventories due out at 10 a.m. ET. Economists are expecting a rise of 0.1% in December, according to Dow Jones.