U.S. stock index futures moved higher after 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.

Wall Street is once again fixated on Nvidia, as the main player in the artificial intelligence mania is set to report earnings after the bell Wednesday and give an update on demand for its semiconductors,

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

U.S. stock index futures edged higher on Wednesday, rebounding from steep losses in the previous sessions, as investors focused on the progress of a highly anticipated tax-cut plan through Congress and awaited crucial results from AI powerhouse Nvidia.

Wall Street looks like it will recoup some losses from the previous day when markets were rattled by more hints of a downtrodden U.S. consumer, with an eagerly anticipated quarterly earnings report from Nvidia after the bell.

The tech-heavy Nasdaq led Wall Street's main indexes higher on Wednesday as chip stocks rebounded ahead of Nvidia's results that are crucial to illuminating future demand for AI. At 11:31 a.m. ET, the Dow Jones Industrial Average rose 122.