The Dow Jones Industrial Average dropped on Wednesday, after coming off a sharp rally in the previous session, as traders pored over more corporate earnings.

The 30-stock index lost 93.84 points to 31,733.21.

The S&P 500 dipped 0.34 points to 3,936.35.

The NASDAQ Composite gained 73 points to 11,786.15.

Investors pointed to a Bank of America survey that suggested deteriorating sentiment could potentially set up a buying opportunity in the market. Meanwhile, the U.S. dollar, which recently surged to a 20-year high against the euro, softened, giving the rally more steam.

Netflix climbed 1% after saying it lost only 970,000 subscribers in the second quarter, less than the two million it had previously projected.

The streaming giant’s earnings per share also came in above analyst expectations.

Tesla and United Airlines are slated to post their latest quarterly results after the close.

About 12% of S&P 500 companies have reported earnings thus far. Of those companies, 68% have beaten analyst expectations.

Investors had been awaiting this earnings season as they search for clues on how companies are faring with inflation at levels not seen in 40 years.

On the economic front, a report from the Mortgage Bankers Association pointed to more pain for U.S. consumers as they deal with higher prices and interest rates. Mortgage demand declined more than 6% last week compared with the prior week, dropping to its lowest level in 22 years.

Treasury prices gained ground, dropping yields to 2.99% from Tuesday’s 3.02%. Treasury prices and yields move in opposite directions.

Oil prices slumped $1.72 to $102.50 U.S. a barrel.

Gold prices faltered $4.70 to $1,706.00 U.S. an ounce.