Stocks were mostly lower on Thursday, with the Dow Jones Industrial Average (DIA  ) managing to squeeze out a small gain, as the latest earnings results from Nvidia (NVDA  ) and Salesforce (CRM  ) failed to maintain the positive momentum from the past two sessions.

The blue-chip index ticked above the flatline to settle at 49,499.20, while the S&P 500 Index (SPY  ) lost 0.5% and tech-heavy Nasdaq Composite (QQQ  ) fell nearly 1.2% to close out the session at 6,908.86 and 22,878.38, respectively.

Nvidia's fourth-quarter earnings captured much of the market's attention on Thursday, as the artificial intelligence bellwether topped Wall Street expectations and offered better-than-expected forward guidance for its first-quarter, calling for revenue between $76.44 billion and $79.54 billion. However, the stock slumped alongside other chip names such as Broadcom (AVGO  ) and Applied Materials (AMAT  ) to post its worst day since April.

Chief Financial Officer Colette Kress said in a statement that much of Nvidia's revenue is coming from hyperscalers like Amazon (AMZN  ), Alphabet (GOOG  ) (GOOGL  ), Meta Platforms (META  ) and Microsoft (MSFT  ) -- the tech giants plan to spend about $700 billion combined total in AI-related capital expenditures in 2026 alone.

"For the fourth quarter, hyperscaler revenue increase and remained our largest customer category at slightly over 50% of Data Center revenue, while growth was led by the rest of a Data Center customers as revenue diversified," Kress said in a statement. Still, that concentration of revenue amid a period where investors are going more skeptical of the explosive AI market ultimately impacted Nvidia's post-earnings growth.

Salesforce (CRM  ) was a similar story on Thursday, posting quarterly results that beat market expectations on both top and bottom lines. However, the software company issued a disappointing revenue forecast for its fiscal 2027 and has remained in the spotlight as one of the software company most at risk of AI disrupting its business model. For the fiscal year, Salesforce expects adjusted earnings per share between $13.11 to $13.19 on revenue in range of $45.8 billion and $46.2 billion -- implying growth between 10% to 11%.

Rounding out earnings reports on Thursday, Stellantis (STLA  ) posted its first annual loss on record (more than $26 billion) mostly due to write-downs totaling $25.4 billion related to its electric vehicles.

"Our 2025 full year results reflect the cost of over-estimating the pace of the energy transition and of the need to reset our business around our customers' freedom to choose form the full range of electric, hybrid and internal combustion technologies," CEO Antonio Filosa said in the statement.

Looking ahead, analysts at the Wells Fargo Investment Institute remain bullish on equities, seeing the market's current rotations as "a prelude to broad equity gains this year," according to a late Wednesday note to clients.

"Underneath the surface of volatile headlines, equity markets continued to show signs of rotation and broadening out consistent with our expectations that economic growth will accelerate this year," said Doug Beath, global equity strategist at Wells Fargo, in a note, adding that the recent dip "is an opportunity for new cash in U.S. Large Cap Equities and the Financials sector, which has pulled back and remains among our favorite sectors."