The Dow ticked up a tenth of a percent, while the S&P 500 shed two tenths and the Nasdaq lost more than half a percent.

U.S. producer price data for February, due on Thursday, could offer further insight into when the U.S. Federal Reserve might start cutting rates.

But Eric Lynch, Managing Director at Scharf Investments, thinks investors should start to shift their focus away from the timing of Fed rate cuts.

"Earnings are going to have to grow to extend that this market because so far, what extended this market has been excitement about the Fed lowering interest rates and whether they may continue to do so or we think they are going to do so. You know, arguing over whether it's next month or June or whatever, it's kind of splitting hairs at this point. At this point, earnings just have to grow. And I think that's why you're seeing some negative reactions in the last week to companies reporting and missing guidance or reporting negative surprises."

One of those companies was Dollar Tree, whose stock plunged more than 14% on Wednesday after the discount store chain said it would close nearly 1,000 stores and posted a net loss in the previous quarter.

McDonald's shares fell more than 3.5% after its chief financial officer said the fast-food giant's international sales could fall sequentially in the current quarter, pressured by the Middle East conflict and weak demand in China.

And Intel shares fell nearly 4.5% with Bloomberg reporting that the Pentagon had pulled out of a plan to spend as much as $2.5 billion on a chip grant to the company.