UPDATE: After a brief experience in negative territory this morning, the S&P 500 has returned to its upward trajectory and is now in the green.
Right now, the index is trading at 1672, up 0.4% on the day.
One of the FOMC's most dovish voting members, New York Fed President Bill Dudley, is speaking in New York right now.
Dudley said he can't be sure whether the next move will be to increase or decrease the amount of bond buying the Federal Reserve is doing under its quantitative easing program and highlighted that the fiscal drag to the U.S. economy from policy tightening is "significant."
Dudley also said that he sees a risk that investors could over-react to "normalization" of the Fed's balance sheet when it comes time to unwind the central bank's massive, multi-trillion dollar bond portfolio.
EARLIER: After rising 0.4% to highs around 1,672 shortly after the opening bell, the S&P 500 has already given up all of its gains and has descended into negative territory in the first hour of morning trading.
Right now, the index is trading at 1663, down 0.2% on the day.
There were no U.S. economic data released this morning. All eyes are on Federal Reserve Chairman Ben Bernanke's big testimony before Congress tomorrow.
The telecoms and tech sectors are the biggest laggards in the market today, down 0.6% and 0.4%, respectively.
The biggest individual laggards are Carnival Corporation, which is down 5.8% today after lowering its forward profit guidance for the second half of the year, and Best Buy, which is down 3.4% after a disappointing earnings announcement this morning.
The chart below shows the morning action in S&P 500 futures.
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