NEW YORK (TheStreet) -- Stocks were moving lower as the countdown to the Federal Reserve's statement began. Fed Chair Janet Yellen will hold a press conference Wednesday afternoon in which she is expected to hint on when an interest rate hike might occur.

The S&P 500 was down 0.48%, the Dow Jones Industrial Average fell 0.65%, and the Nasdaq dropped 0.41%.

Investors will watch whether the Fed removes its "patient" phrasing, a move that could signal a rate hike as soon as the summer. But some economists think such a decisive move might be delayed given recent weak patches in the economic data. 

"With half the Fed's dual mandate -- stable prices -- clearly unsatisfied, committee members are going to be hard pressed to justify a near-term rate increase or withdraw the 'patient' language from the statement," said Sterne Agee chief economist Lindsey Piegza. "We believe the Fed will maintain their 'patient'" language in the FOMC statement and continue to highlight lingering slack in the U.S. labor market despite headline improvement and solid economic activity."

Crude prices dropped in their seventh straight session Wednesday as West Texas Intermediate tumbled 2.5% to $42.36 a barrel. Crude inventories added 9.6 million barrels in the week ended March 13, more than double a forecast 3.7 million, according to the Energy Information Administration.

Overnight, the American Petroleum Institute confirmed the trend, reporting a 10.5-million-barrel increase in crude inventories.

Chinese e-commerce site Alibaba (BABA) - Get Report was under pressure on Wednesday as 18% of its shares expire from their 180-day lock-up period following the company's initial public offering in September. Shares were down 0.5%.

Kraft (KRFT) dropped 2% after announcing it will recall 242,000 Macaroni & Cheese cases, totaling 6.5 million boxes. The recall came after 8 consumers complained of boxes containing metal fragments. 

Oracle (ORCL) - Get Report shares were up 2% after the tech company reported earnings of 68 cents a share in the three months to February, level with a year earlier, as currency exchange undercut sales and profits. Revenue missed estimates with total sales of $9.32 billion showing no growth from a year earlier.

Adobe (ADBE) - Get Report tumbled 4.8% after issuing soft guidance for its current quarter. The software company expects earnings as high as 47 cents a share in its second quarter, below average consensus of 48 cents.

FedEx (FDX) - Get Report dropped 1.9% as annual guidance missed estimates. Though its third quarter was better than expected, full-year earnings expectations of between $8.80 and $8.95 a share missed expectations of $8.97.

Pandora (P) jumped 3% after CRT Capital upgraded to 'buy' and raised price targets to $22 from $16. Analysts said renegotiation of royalty rates would work in the company's favor. 

Apple (AAPL) - Get Report will replace AT&T (T) - Get Report in the Dow Jones Industrial Average after market close Wednesday. Apple will account for just under 5% of the Dow's weight.