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Stock futures set Wall Street up for a rally to begin November as private payrolls added more jobs than expected in October and investors took a small delay in the GOP's tax cut plan in stride. 

Dow Jones Industrial Average futures were up 0.56% on Wednesday, Nov. 1, S&P 500 futures gained 0.42%, and Nasdaq futures increased 0.46%. Gains put the Nasdaq on track to open above its record close set on Tuesday, Oct. 31, and the Dow and S&P 500 to trade near their own all-time highs. 

U.S. private payrolls added far more jobs in October than anticipated, according to the latest ADP employment report. The ADP reported 235,000 jobs having been added to payrolls last month, higher than a targeted 200,000. The report gives a snapshot of the state of the labor market ahead of the official jobs report out on Friday, Nov. 3. The U.S. jobs report should provide color on how the labor market has recovered from a string of devastating hurricanes in late August and early September.

After a surprisingly weak September report, the onus is on October to show that this isn't the beginning of a trend. The U.S. nonfarm payrolls report for September showed the first contraction in seven years, a result of Hurricane Harvey and Irma that hit Texas and Florida, respectively.

Investors expect a solid rebound on nonfarm payrolls in October. Consensus is for 310,000 jobs to have been added to the U.S. economy and for the unemployment rate to hold at 4.2%, according to FactSet. Year-over-year hourly earnings are expected to have increased 2.7%.

In earnings news, Molson Coors Brewing Co. (TAP) - Get Molson Coors Beverage Company Class B Report reported quarterly earnings in line with estimates, though revenue that was slightly weaker than anticipated. The Coors Light producer earned $1.29 a share, down from $1.47 a share a year earlier, though adjusted earnings of $1.34 a share matched expectations. Revenue of $2.88 billion fell short of $2.97 billion consensus. CEO Mark Hunter said the company was on track to "deliver our 2017 business and financial plans and exceed our original cost savings targets and cash flow goals" even as business in North America remains challenging. 

Garmin Ltd. (GRMN) - Get Garmin Ltd. Report added nearly 4% in premarket trading after topping quarterly estimates on its top- and bottom-lines. The GPS tech developer earned 75 cents a share over its third quarter, 9 cents higher than anticipated. Revenue increased almost 3% to $743.08 million, exceeding analysts' forecasts by $21.5 million. 

Allergan PLC (AGN) - Get Allergan plc Report  rose before the bell following a better-than-expected third quarter and increased full-year guidance. Adjusted earnings of $4.15 a share came in above consensus of $4.04. However, revenue of $4.034 billion fell just shy of estimates of $4.037 billion. Allergan revised its full-year adjusted profit guidance to $16.15 to $16.45 a share, up from $16.05 a share on the low-end of previous forecasts. 

Heavy-hitters due to report earnings after the bell Wednesday include Facebook Inc. (FB) - Get Meta Platforms Inc. Class A Report , Tesla Inc. (TSLA) - Get Tesla Inc Report , Qualcomm Inc. (QCOM) - Get Qualcomm Inc Report  and Kraft Heinz Co. (KHC) - Get Kraft Heinz Company Report

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.

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More than 60% of S&P 500 companies have reported earnings so far this reporting season. Of those, 73% have exceeded profit estimates, and 66% have beat revenue forecasts. Economists anticipate blended earnings growth of 7%, or 4.6% excluding energy, according to Thomson Reuters.

The House Ways and Means Committee is set to release the initial tax reform bill from the House Republicans bill on Thursday, Nov. 2, pushing it back from an expected Wednesday release. The tax writers 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.

Investors so far have seen little detail on highly anticipated reform, though the promise of what's to come has supported market gains in recent months. The Trump White House has promised tax cuts for individuals and businesses, but details on how they will be paid for without blowing up the deficit have not been forthcoming.

"What we'll get from the Ways and Means Committee is expected to run 700+ pages," LPL Financial's John Lynch and Ryan Detrick wrote in a note. "Should the House pass a version by the end of November, we would consider this a big win in the bill's progress, and even a December vote keeps passage of the final bill in the first quarter of 2018 well in play."

The Federal Reserve will conclude its two-day meeting on Wednesday. Markets anticipate no change to interest rates, though investors will be looking out for any tweaks to language that might indicate a move higher in December. The chances of a interest rate hike at this meeting sit at just 2%, according to CME Group fed funds futures, but chances spike to 96% at the December meeting. An announcement on rates will be made on Wednesday afternoon.

Also on the economic calendar, the PMI manufacturing index for October will be released at 9:45 a.m. ET, and the ISM manufacturing index for October and construction spending for September at 10 a.m. 

Crude oil prices were sharply higher ahead of a weekly reading on domestic inventories from the Energy Information Administration out mid-morning. In the previous week, crude oil stockpiles rose by nearly 860,000 barrels, while gasoline and distillates stocks declined. 

West Texas Intermediate crude oil was up 1.2% to $55.02 a barrel on Wednesday morning.

Updated from 8:06 a.m. ET, Nov. 1. 

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