Stocks pulled back Wednesday, pressured by a decline in Nvidia, as investors braced for the chipmaker's latest earnings report.

The Nasdaq Composite fell 1.12% to close at 17,556.03, while the S&P 500 slipped 0.6% to end at 5,592.18. The Dow Jones Industrial Average lost 159.08 points, or 0.39%, settling at 41,091.42.

Wall Street is keeping an eye on Nvidia to gauge the sustainability of the broader tech and artificial intelligence trade. The semiconductor giant — slated to report after the close — has surged more than 150% in 2024, raising questions of how much more room there is for the stock to run. On Wednesday, Nvidia fell 2.1%, contributing to the information technology sector's 1.3% decline.

Focal points for investors include the delivery schedule for Nvidia's Blackwell chips and an update on the demand for AI. Art Hogan, chief market strategist at B. Riley Wealth Management, thinks Nvidia can deliver another upside surprise for investors.

"The reason one can feel confident rests with the fact that their largest customers have already reported and talked about how much they're spending on their chips," he told CNBC. "All of the hyperscalers spoke to massive amounts of capex spend on the amount of [graphics processing units] they need to move forward with their AI strategies."

Hogan added, "It's a company that's done a pretty good job of beating expectations pretty consistently, and a company that we know all of its largest customers continue to demand all the product they can get from them."

Other technology stocks were also lower Wednesday, including "Magnificent Seven" peers Amazon and Alphabet, which each slid more than 1%. Microsoft fell 0.8%. AI darling Super Micro Computer tanked 19% after announcing it will not file its annual report for the fiscal year on time.