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S&P 500 closes 1% lower, Nasdaq sheds 1.7% on Wednesday amid corporate profit worries

Pro Picks: Watch all of Wednesday's big stock calls on CNBC
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Pro Picks: Watch all of Wednesday's big stock calls on CNBC

U.S. stocks slid Wednesday as investors returned focus to the latest batch of corporate earnings. Wall Street also continued to weigh the outlook for future Federal Reserve policy moves.

The Dow Jones Industrial Average fell by 207.68 points, or 0.61%, to 33,949.01. The S&P 500 slid 1.11% to end at 4,117.86 . The Nasdaq Composite dropped 1.68% to close at 11,910.52.

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Chipotle slid roughly 5% after missing expectations on the top and bottom lines in its latest results. Lumen Technologies tumbled nearly 21% after it reported a fourth-quarter loss of $3.1 billion and gave guidance for the year that was under Wall Street expectations.

Meanwhile, CVS