This is what you need to know on Wednesday:

European stocks are poised for another set of firm gains Wednesday, while U.S. equity futures suggest the chase is on for more records on Wall Street, as investors prep for details on tax reform, key corporate earnings and a decision on the new Federal Reserve Chairman.

The Fed will wrap up it latest policy gathering in Washington Wednesday with a statement from current Chairwoman Janet Yellen at 2:00 PM Eastern but few are expected any significant alteration to the central bank's language ahead of Friday's October payroll report and a host of key economic readings between now and the Fed's next meeting in December.

Facebook Inc.  ( FB - Get Report)  will also post its third-quarter earnings after the bell as its top executives continue to face tough questions from lawmakers as to why the tech giant allowed the purchase of political advertisements from Russia-based sources during the U.S election.

A huge profit forecast upgrade for Sony Corp. (SNE - Get Report) , which now sees its shift from consumer electronics to image sensors paying dividends, sent shares in the group to a near decade high in Tokyo and helped boost the Nikkei 225 by 1.9% to end the session at 22,420.08 points.

Earnings expected today include Ford Motor Co. (F - Get Report) , Pitney Bowes (PBI - Get Report)  and U.S. Steel (X - Get Report) .

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