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US stocks searched for a footing on Wednesday after the S&P 500 ( ^GSPC ) erased its losses for 2025 and Wall Street continued to debate the state of play on tariffs.

The S&P 500 rose 0.1% while the Dow Jones Industrial Average ( ^DJI ) was roughly flat. The tech-heavy Nasdaq Composite ( ^IXIC ) led the gains, popping 0.5%. A tech-rally helped push the Nasdaq higher with shares of AMD rising 5%, Alphabet ( GOOGL , GOOG ) ticking 3% higher and a 17% soar in shares of Super Micro Computer ( SMCI ).

Prospects for chipmaker Nvidia ( NVDA ) — and the AI trade more widely — got a boost from plans to overhaul curbs on chip exports and new AI deals led by Saudi Arabia. The President Trump-backed moves come as markets debate the staying power of a "Magnificent Seven" rally driven by the US-China trade truce. Nvidia rallied another 3% in premarket trading on Wednesday.

Nvidia server maker Foxconn ( 2317.TW , HNHPF ) flagged strong AI demand as it posted a 91% surge in quarterly profit on Wednesday. But the Taiwanese partner to Apple ( AAPL ) also cut its full-year outlook, citing uncertainty around tariffs.

Read more: The latest on Trump's tariffs

Earnings season elsewhere continued to show strain from trade tensions. American Eagle ( AEO ) became the latest company to withdraw guidance due to "macro uncertainty" on Tuesday, and the clothing retailer's stock tumbled in premarket trading.

In Japan, Sony ( SONY ) said it expects a $700 million impact from US tariffs and offered a disappointing forecast that wipes out its expected rise in profit.