Tech shares were aided by reports of a $100 billion U.S. manufacturing pledge from the iPhone maker. The Nasdaq rose 1.2%, while the S&P 500 gained 0.7% and the Dow industrials added 0.2%.

While Apple is unlikely to start making iPhones in the U.S., investors seem to think that increased manufacturing commitments more generally could help secure better tariff treatment.

Apple stock was rising Wednesday as investors awaited an announcement from the company later today about building new factories in the U.S.