Updated with a number of corporate earnings reports.

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Here are five things you must know for Wednesday, Nov. 2:

1. -- U.S. stock futures pointed lower Wednesday as the U.S. presidential election grew tighter and Wall Street awaited a decision on interest rates from the Federal Reserve in the afternoon.

European shares fell, as did stocks in Asia, as global investors retreated from risky assets as election polls showed Republican presidential candidate Donald Trump in a virtual dead heat with his Democratic rival, Hillary Clinton.

The Federal Reserve's two-day policy meeting ends Wednesday and an announcement from the central bank is expected at 2 p.m. EDT. While economists don't expect the Fed to raise interest rates so close to next week's presidential election, they will be looking for hints as to the chances of a hike when the Fed meets again next month.

The economic calendar in the U.S. on Wednesday also includes the ADP National Employment Report for October at 8:15 a.m. EDT. The reading will come two days before the official U.S. jobs report for October on Friday.

2. -- Time Warner (TWX) reported third-quarter adjusted profit of $1.83 a share, above estimates of $1.37.

The media giant, which entered into an agreement last month to be acquired by AT&T, said it 2016 adjusted earnings of $5.73 to $5.83 a share. The outlook includes a net tax benefit of 28 cents a share recognized in the third quarter related to an Internal Revenue Service-approved tax accounting method change. 

Time Warner shares rose 2.4% in premarket trading.

Anthem (ANTM)  reported adjusted third-quarter earnings of $2.45 a share, 2 cents below forecasts.

The health insurer posted revenue of $21.13 billion, which topped Wall Street forecasts. 

Anthem said it expects full-year earnings of $10.80 a share.

The stock fell 0.6% in premarket trading.

Allergan (AGN)  saif it would buy back $10 billion of stock and said it would initiate a quarterly dividend of 70 cents a share.

Allergan reported adjusted quarterly earnings of $3.32a share, below the FactSet consensus of $3.56. 

The stock rose 0.7% in premarket trading.

Allergan is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AGN? Learn more now.

3. -- Valeant Pharmaceuticals (VRX) is in advanced talks to sell its stomach-drug business to Japan's Takeda Pharmaceutical for about $10 billion, The Wall Street Journal reported.

The companies could reach a deal for Salix Pharmaceuticals, which Valeant bought just a year-and-a-half ago for roughly $11 billion, in the coming weeks, people familiar with the matter told the Journal. The purchase price would include about $8.5 billion in cash and future royalty payments to Valeant, the people said.

There is no guarantee the companies will reach a deal and, the people said, there is another unnamed potential bidder in the mix.

Valeant confirmed the discussions late Tuesday, saying, "We are currently in discussions with third parties for various divestitures including but not limited to Salix. The discussions may or may not lead to a definitive agreement."

The real problem for Valeant, which the $10 billion cash infusion would go a long way in curing, is that Valeant needs to shore up cash to cope with its debt load, and may not be able to afford matching discounted prices across the industry, as Real Money's Jim Cramer noted in a report Tuesday.

"What I have said over and over again is that what might be a big deal is if prices for big drugs of Valeant aren't holding up and at the same time the company can't sell any assets so that it has problems with cash flow," Cramer said in the report.

Valeant shares jumped 33.7% on Tuesday after the news of the possible sale was first reported. The stock was 4.6% lower in premarket trading on Wednesday.

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