Google's parent company and other tech stocks are weighing on a mixed Wall Street Wednesday as the focus swings back toward how much profit businesses are making. The S&P 500 rose 0.1% in afternoon trading.

US stocks opened lower Wednesday as the Nasdaq and S&P 500 felt impact from Alphabet, AMD and renewed AI worries.

U.S. stock index futures dipped on Wednesday, with the Nasdaq particularly impacted as shares of Alphabet and AMD fell following subdued forecasts, while negative earnings reactions in other sectors compounded losses.

Alphabet's fourth-quarter earnings day is here, with numbers expected to be released after the markets close Tuesday. This will be followed by an earnings call at roughly 4:30 p.m. ET. The stock has been riding high over the past month as investors grew bullish over Google's AI investment.

Alphabet reports fourth-quarter earnings after Tuesday's closing bell. Investors will be focused on cloud momentum and AI traction, with shares of the Google and YouTube parent company holding fast near the record levels achieved last week.

(Reuters) -Alphabet missed Wall Street estimates for quarterly revenue on Tuesday, in a sign the Google parent was taking a hit from increased competition in the digital advertising market and a slowdown in its cloud computing business.