Wall Street's main indexes opened higher on Wednesday, after logging several days of declines, as investors awaited Nvidia's results to gauge the direction of AI demand and focused on a crucial tax-cut proposal's progress through Congress.

Nvidia's quarterly results and forecasts, expected after markets close, are likely to set the tone for AI stocks that have dominated Wall Street.

Key Takeaways Nvidia earnings, due Wednesday afternoon, could deliver a blow to an antsy stock market or reignite a recently shaky AI rally.Nvidia's $3 trillion market capitalization gives it more influence over the S&P 500 than any stock but Apple.