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)  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) , 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) , Pitney Bowes (PBI)  and U.S. Steel (X) .

Watch More with TheStreet:

Don't miss the best videos of the week. Put Wall Street on Rewind and sign up for our weekly newsletter.

More from Video

Here's One Reason Why the Markets Have Become Resilient to Trade Worries

Here's One Reason Why the Markets Have Become Resilient to Trade Worries

Jim Cramer: Walmart, Nike and FedEx Point to a Strong US Economy

Jim Cramer: Walmart, Nike and FedEx Point to a Strong US Economy

Jim Cramer: The US Has Leverage Over China

Jim Cramer: The US Has Leverage Over China

Jim Cramer Talks China, Walmart, Nike, FedEx and More

Jim Cramer Talks China, Walmart, Nike, FedEx and More

Wall Street Is Probably Too Optimistic on Stocks, Sell Now

Wall Street Is Probably Too Optimistic on Stocks, Sell Now