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US stocks pulled back on Wednesday after earnings from Alphabet ( GOOG , GOOGL ) and AMD ( AMD ) fell short, with investors on alert for fresh moves in the brewing US-China trade war.

The tech-heavy Nasdaq Composite ( ^IXIC ) slipped 0.6%, while the benchmark S&P 500 ( ^GSPC ) slid roughly 0.2%. The Dow Jones Industrial Average ( ^DJI ) was roughly flat after the major gauges closed with gains on Tuesday.

Alphabet's stock was under pressure, down almost 8%, after fourth quarter cloud revenue undershot estimates . The miss rattled investors concerned that the Google parent's hefty spending on AI won't see the hoped-for payoff any time soon.

AI trade hopes were dealt a second blow by AMD's earnings. While the chipmaker posted a quarterly revenue beat, a disappointing data-center sales forecast raised worries about a loss of AI momentum. AMD shares tumbled over 9% .

Big Tech names like Alphabet are also getting caught up in the tariff tit-for-tat between the US and China, which Wall Street sees as a risk for tech and chip names alike. Apple ( AAPL ) shares dropped roughly 2% after a Bloomberg report that Beijing is looking into targeting its app store in an antitrust probe.

President Donald Trump's tariff plans have markets already jumpy , and his unexpected suggestion late Tuesday that the US could take over the Gaza strip and develop it as a "Riviera of the Middle East" left investors even more bemused about which direction policy will take next.

Disney ( DIS ) was the earnings highlight Wednesday , posting a beat on streaming strength but taking a hit in its theme park business from hurricanes.