Updated from 7:01 a.m. EDT.

NEW YORK (TheStreet) -- Here are 10 things you should know for Wednesday, March 18:

1. -- U.S. stock futures were dropping Wednesday as investors sweated over what the Federal Reserve Open Market Committee statement may say. The statement will be released this afternoon.

European stocks were mixed Wednesday as investors thought over U.K. labor market statistics and awaited the U.S. Federal Reserve's policy statement and Britain's 2015 budget. Spain's Inditex led retailers higher.

2. -- The economic calendar in the U.S. on Wednesday is focused on the Federal Reserve Open Market Committee announcement at 2 p.m. The Mortgage Bankers' Association posts data on mortgage applications at 7 a.m. The Energy Information Administration reports on U.S. petroleum inventory at 10:30 a.m.

3. -- U.S. stocks on Tuesday closed mixed after a shaky session.

The Dow Jones Industrial Average (DIA) - Get Report dropped 0.71% to 17,849.08. The S&P 500 (SPY) - Get Report closed down 0.33% to 2,074.28. The Nasdaq (QQQ) - Get Report rose 0.16% to 4,937.44.

4. -- The Fed's Open Market Committee two-day meeting concludes Wednesday. In the announcement at 2 p.m. today, investors will be looking for clues about when the Fed might raise interest rates.

Domestic and international markets have yo-yoed in recent weeks as investors speculated about when the rate hike will come and what impact it will have on the U.S. and global economy.

Fedwatchers are particularly focused on whether the Fed will still use the word "patient" in its description of its interest rate approach. If the word is absent, many think the central bank could raise rates as soon as June. Others see the rate raise as unlikely until September or later.

5. -- Chinese online retailer and mobile payments site Alibaba (BABA) - Get Report may see big movement in its stock as its IPO lockup expires and 337 million more shares can be traded on Wednesday. The shares are held mainly by institutional investors. 100 million more shares of Alibaba, held largely by employees, will become available to trade in May.

In premarket trading, Alibaba stock was down 1.42%. The shares are down 18.7% thus far in 2015.

6. -- Apple (AAPL) - Get Reportwill replaceAT&T (T) - Get Report on the Dow Jones Industrial Average after the market close Wednesday. The move will rejigger the Dow, which is an average of the prices of its 30 member stocks, not a true market-cap weighted index. AT&T entered the Dow in 1916. The Dow average was first published in 1896.

Apple stock was up 0.28% in premarket trading, and AT&T stock was up 0.24%.

7. -- The Energy Information Administration releases data on U.S. petroleum inventories today. U.S. oil rig counts fell for the 14th straight week, Baker Hughes (BHI) said Friday. The EIA data is expected to confirm the oil glut.

On Tuesday, oil prices in the U.S. hit another six-year low, as West Texas Intermediate crude oil headed toward $42 a barrel.

8. -- Chinese social network and gaming site Tencent (TCEHY) reported a 51% gain in fourth-quarter net income, but nevertheless missed analyst estimates. The company's net income for the quarter that ended in December was $956 million. Revenue grew 24%. 

Tencent was flat in premarket trading of its ADRs. In Hong Kong trading, the stock closed up 1.64%

9. -- Video game maker Nintendo (NTDOY) saw its ADRs shoot up 27.5% in Tuesday trading after the company announced that it would develop games for smartphones and tablets with Japanese company DeNA. (Its Tokyo-traded stock was up 21.3%.)

The new game project is underway, and Nintendo president Satoru Iwata said more details would be available next year. Nintendo did say it would continue to build its own game consoles.

In premarket trading, Nintendo ADRs were down 1.21%.

10. -- FedEx (FDX) - Get Report and General Mills (GIS) - Get Report report earnings before the opening bell.

FedEx stock was up 0.17% in premarket trading. General Mills was up 1.8%.