Earlier, stocks were up. Now, they're down.

The release of the FOMC's October policy statement from the Federal Reserve at 2 PM ET is the big event of the day.

Ahead of the release, the S&P 500 and the Nasdaq are both 0.3% lower, while the Dow Jones Industrial Average is down 0.2%.

Meanwhile, 10-year U.S. Treasury futures are up 0.2%, and the yield on the 10-year Treasury note is 2.48%, two basis points lower from yesterday's close.

The big question on the minds of market participants ahead of the FOMC release is whether or not the Fed will try to leave the door opening to tapering its quantitative easing program in the next few meetings. Click here for a complete preview »

The chart below shows trading in S&P 500 futures this morning.

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