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NEW YORK (CNNMoney)
Federal Reserve chairman Ben Bernanke takes center stage Wednesday and investors are hoping he'll provide some clarity on when the central bank could begin tapering the pace of its bond purchases.
As investors waited, stocks dipped into the red. The Dow Jones industrial average and S&P 500 slipped just 0.2% in early trading, while the Nasdaq edged down 0.1%.
The Fed's bond-buying program has been a boon to equity markets, supporting U.S. and global stock indexes and driving them to recent record highs.
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Any comments from Bernanke suggesting that the program's end is near would likely lead to significant declines.
"Bernanke has to address asset purchases and every nuance in his replies will be seized upon by markets," said Deutsche Bank economist Jim Reid in a research note.
The Fed will release a statement at the conclusion of the its latest monetary policy meeting at 2:00 p.m. ET. Bernanke is scheduled to speak at 2:30 p.m. ET.
Related: Bond investors bracing for Bernanke
In corporate news, shares of Tesla Motor (TSLA)dipped after the automaker announced a recall of some of its Model S cars for a non-mechanical defect.
FedEx (FDX, Fortune 500) shares edged higher after the shipping giant reported quarterly earnings the blew past forecasts, though revenue was roughly in line with estimates. The company is often seen as a bellwether for the global economy given the nature of its delivery business and its international footprint.
Adobe (ADBE) shares jumped after the software company reported quarterly earnings that beat expectations.
Dish Networks (DISH, Fortune 500) dropped its pursuit of Sprint (S, Fortune 500), clearing the way for Japan's SoftBank (SFTBF) to continue with its offer. Dish said it would instead focus on its tender offer for Clearwire (CLWR).
Shares of Men's Wearhouse (MW) slid after the clothing retailer "terminated" executive chairman George Zimmer, also known as the "I guarantee it" guy.
Related: Fed watchers say Bernanke won't act now
On the international stage, European markets were down slightly in afternoon trading. Asian markets ended mixed. Japan's Nikkei index rallied by 1.8%, helped by strong export data. But the Hang Seng in Hong Kong moved in the opposite direction, sinking by 1.1%. The Shanghai Composite index also dipped down by 0.7%. 
First Published: June 19, 2013: 9:41 AM ET
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