Here are five things you must know for Wednesday, Nov. 1:

1. -- U.S. stock futures were solidly higher on Wednesday, Nov. 1, as investors prepared for an announcement from the Federal Reserve on interest rates and the third-quarter earnings report from Facebook Inc. (FB) - Get Report .

The U.S. central bank will make an announcement on interest rates at 2 p.m. ET. The chances of rate hike at this meeting are very low, so Wall Street will be paying attention to any language in the Fed statement that might indicate a move when the Fed next meets in December.

Donald Trump is expected to announce his pick for Fed chief on Thursday and reports have said he is leaning toward selecting Fed Gov. Jerome Powell. Current Chair Janet Yellen remains on Trump's short list.

The economic calendar in the U.S. on Wednesday also includes the ADP National Employment Report for October at 8:15 a.m., the PMI Manufacturing Index for October at 9:45 a.m., the ISM Manufacturing Index for October at 10 a.m., Construction Spending for September at 10 a.m., and Oil Inventories for the week ended Oct. 27, at 10:30 a.m.

House Republicans delayed the public release of their tax reform proposal until Thursday, Nov. 2, as they struggled to make last-minute changes to the proposed legislation. They couldn't finalize details in time for their Wednesday deadline so they moved the public rollout of the plan to Thursday.

Trump has set a deadline of around Christmas for passage of the legislation.

Another rally in the tech sector on Tuesday, Oct. 31, gave the Nasdaq the energy to close out October with another record, while broad gains across other S&P 500 sectors sent the rest of Wall Street higher. The Nasdaq gained 0.43% on Tuesday, beating out its last record high set on Friday, Oct. 27. The tech-heavy index ended October with solid gains, rising by 3.6% in its best monthly performance since February. This marked its fourth month of gains in a row.

The Dow Jones Industrial Average gained 0.12% and the S&P 500 rose 0.09% on Tuesday. The gains pushed the two indexes further into the green for October and secured their seventh straight month of gains. 

If you'd like to receive the free "5 Things You Must Know" newsletter, please register here.

2. -- Besides Facebook, earnings reports are expected Wednesday from Fitbit Inc. (FIT) - Get Report , Qualcomm Inc. (QCOM) - Get Report , Tesla Inc. (TSLA) - Get Report , Yelp Inc. (YELP) - Get Report , Estee Lauder Cos. (EL) - Get Report , Groupon Inc. (GRPN) - Get Report , Kraft Heinz Co. (KHC) - Get Report , Molson Coors Brewing Co. (TAP) - Get Report , Shake Shack Inc. (SHAK) - Get Report and Allergan PLC (AGN) - Get Report

Clorox Co. (CLX) - Get Report reported fiscal first-quarter profit if $1.46 a share, topping forecasts by 4 cents.

Facebook and Allergan are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells the stocks?Learn more now.

3. -- U.S. automakers, such as Ford Motor Co. (F) - Get Report and General Motors Co. (GM) - Get Report , are expected to release sales numbers for October throughout the day.

Edmunds, the automotive information company, projected that 1.32 million new cars and trucks were sold in the U.S. in October, equating to a seasonally adjusted annual rate of 17.6 million. This represents a 13.3% drop in sales from September 2017 and a 3.5% decline from the same period a year earlier.

Image placeholder title

4. -- Shares of Deutsche Telekom AG (DTEGY)  fell sharply in Frankfurt on Wednesday amid speculation that the owner of T-Mobile US Inc.  (TMUS) - Get Report has hit an impasse on merger talks with Japan's SoftBank Group Corp.  (SFTBY) that would bring its U.S. subsidiary together with rival carrier Sprint Corp.  (S) - Get Report .

Sprint was said to be to be considering walking away from the negotiating table with T-Mobile for the second time in three years, according to reports. Directors of Sprint's parent company Softbank reportedly met last week and decided to suspend merger efforts, sources told The Wall Street Journal.

Deutsche Telekom shares were down 1.5% in Frankfurt. German markets were closed on Tuesday, meaning Wednesday was the first time Deutsche Telekom shares responded to a possible breakdown in talks.

5. -- Cisco Systems Inc. (CSCO) - Get Report is seeking a buyer for its video-software unit, Bloomberg reported, citing people familiar with the process

The networking gear giant is soliciting offers for NDS Group, the people told Bloomberg. Cisco acquired NDS for about $5 billion in 2012.

This story has been updated from 6:07 a.m. ET.

More of What's Trending on TheStreet: