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Jerome Powell, Facebook, Tesla and Astros Win - 5 Things You Must Know

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

1. -- U.S. stock futures pointed to a weaker open for Wall Street on Thursday, Nov. 2, as investors braced for the rollout of a new tax plan from House Republicans and awaited Donald Trump's choice of a new chair for the Federal Reserve.

The House Ways and Means Committee is set to release the initial tax reform bill on Thursday, a day after missing a self-imposed deadline. Trump has said he wants passage of the legislation around Christmas.

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.

The economic calendar in the U.S. on Thursday includes weekly Jobless Claims at 8:30 a.m. ET, and U.S. Productivity and Costs for the third quarter at 8:30 a.m.

Earnings reports are also expected Thursday from Apple Inc. ( AAPL - Get Report) , Blue Apron Holdings Inc. ( APRN) , Starbucks Corp. ( SBUX - Get Report) , Yum! Brands Inc. ( YUM - Get Report) , CBS Corp. ( CBS) , Pandora Media Inc. ( P - Get Report) , Discovery Communications Inc. ( DISCA - Get Report) and Newell Brands Inc. ( NWL - Get Report) .

Apple, DowDupont and Starbucks 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.

Stocks on Wednesday, Nov. 1, finished mixed as the Federal Reserve held the federal funds rate at 1% to 1.25%, a widely expected decision from the Fed following their two-day meeting.

2. -- Donald Trump is expected on Thursday to name Federal Reserve Gov. Jerome Powell as the next chief of the U.S. central bank, replacing Janet Yellen when her term ends in February.

Powell is seen as more dovish than some others on Trump's short list, such as Stanford economist John Taylor and former Fed Gov. Kevin Warsh.

"I think you'll be extremely impressed by this person," Trump told reporters Wednesday.

Powell has been a member of the Fed's board of governors since 2012.

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3. -- Facebook Inc. ( FB - Get Report) shares fell 1.2% in premarket trading on Thursday after the social media giant warned that its profitability would be affected by ongoing investments in security and preventing abuse.

Facebook and other tech giants have testified before Congress this week about the role their platforms and services played in Russian interference in the U.S. presidential election.

"Our community continues to grow and our business is doing well," wrote CEO Mark Zuckerberg. "But none of that matters if our services are used in ways that don't bring people closer together. We're serious about preventing abuse on our platforms. We're investing so much in security that it will impact our profitability. Protecting our community is more important than maximizing our profits."

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

Cramer said Facebook's statement "may give investors some pause, but we want to reiterate how resilient the company has been in this banner year amid the pressures laid out just a year ago. We expect Facebook to continue to deliver strong results like it did this quarter, and we are confident the company will navigate past the challenges it has discussed."

Facebook reported third-quarter earnings of $1.59 a share, well ahead of estimates of $1.28, while revenue in the quarter jumped 47% from a year earlier to $10.33 billion.