Nasdaq rises modestly in attempt to rebound from worst rout since 2020

U.S. stocks rose in volatile trading Wednesday, a day after the Nasdaq Composite closed at a new low for the year, amid a tech-led sell-off in April.

The Nasdaq Composite ticked up 0.6%, after being up more than 1% at its highs earlier in the day and down roughly 0.5% at its lows. The index is coming off its biggest daily loss since September 2020. The Dow Jones Industrial Average rose about 150 points, or 0.4%. The S&P 500 ticked up 0.7%.

"We remain cautious on rallies here," BTIG's Jonathan Krinsky said in a note to clients. "There still hasn't been a full-scale washout, in our view, and trends remain to the downside. This means small rallies don't do much other than alleviate short-term oversold conditions."

Google parent Alphabet led decliners on the Nasdaq Composite after the tech giant's earnings results missed consensus estimates. Management warned on the conference call of another potentially weak quarter ahead. Alphabet shares fell about 5%.

Boeing also saw shares drop more than 12% after an earnings miss, the biggest laggard on the S&P 500 and the Dow.

On the upside, Microsoft rose after strong earnings results. Microsoft's shares jumped more than 4% after a better-than-expected quarterly report and optimistic forward revenue guidance.

"We're trying to find a place of stability," Kari Firestone, chairman and CEO of Aureus Asset Management, told CNBC's "Squawk Box." "We need to see a few more names come in with really strong, reliable and sustainable earnings so investors can get back on board."

Facebook parent Meta is set to report earnings Wednesday after the bell, with Apple and Amazon reporting earnings Thursday. Investors will be watching to see if tech companies' results prove the intense selling in April has been misplaced. All three Big Tech names were lower Wednesday.

The tech-heavy Nasdaq Composite is in bear market territory, sitting now roughly 23% below its high. The S&P 500 is more than 10% off its record and closed Tuesday below a key support level of 4200.

In April, the S&P 500 is down more than 7%. The Nasdaq has lost about 12%. The Dow has declined around 4%.

"The confluence of persistent inflation, Fed tightening, the war in Ukraine, and China's zero-Covid policy lockdowns has manifested in tenacious headwinds for investors in April," Art Hogan, National Securities chief market strategist, said.