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US stocks recovered from losses on Wednesday to close higher on the day. Earnings from Alphabet ( GOOG , GOOGL ) and AMD ( AMD ) fell short, but Big Tech got a boost from a jump in Nvidia ( NVDA ) shares.

The tech-heavy Nasdaq Composite ( ^IXIC ) rose 0.2%, while the benchmark S&P 500 ( ^GSPC ) added 0.4%. The Dow Jones Industrial Average ( ^DJI ) led the gains, rising 0.7%, or more than 300 points.

Alphabet's stock was under pressure, down nearly 7%, 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.

Nvidia appears to be one potential beneficiary from that spending , however. It helped lead the major indexes' charge back from the red, rising more than 5%.

Meanwhile, the 10-year Treasury yield ( ^TNX ) fell nine basis points to hit 4.42%, its lowest level since December 2024.

AMD's earnings provided another salvo in mixed sentiments around the AI trade. 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 6% .

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 about 2% before recovering 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.