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The main driver of markets today is expected to be Federal Reserve chair Jerome Powell's press conference at 2:30 p.m. ET.

Entering the action, stocks have been relatively quiet on Wednesday. The S&P 500 (^GSPC) is down about 0.3%, while Dow Jones Industrial Average (^DJI) is up more than 0.3%. The Nasdaq Composite (^IXIC) is lower by about 0.3%.

In bonds, the 10-year Treasury yield (^TNX) is sitting at 4.65%, down about 3 basis points on the day.

Meanwhile, Utilities (XLU) are leading the sector action in the S&P 500

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