Stocks moved lower on Wednesday after the Federal Reserve tempered its forecast for the U.S. economy.
The S&P 500 was down 0.17%, and the Dow Jones Industrial Average fell 0.49%, while the Nasdaq slumped 1%.
The central bank said it is closely monitoring international developments and assessing their implications on labor and inflation. In its statement, the Fed downgraded its outlook for U.S. household spending and business investment, noting that economic growth slowed to end last year.
The Fed kept its federal funds rate at 0.25% to 0.5% following the conclusion of its January meeting.
Crude oil prices climbed above $32 a barrel on reports Russia's state-owned oil company Transneft and the Organization of the Petroleum Exporting Countries could make production cuts. Reports have yet to be confirmed, according to Reuters.
Prices were under pressure earlier after weekly inventories rose at a much faster pace than expected. Crude inventories increased by 8.4 million barrels, more than double estimates of 3.3 million. By midday, West Texas Intermediate crude oil added 1.8% to $32.03 a barrel.
The energy sector was the best performer on markets. Major oilers including Chevron (CVX) , Royal Dutch Shell (RDS.A) , Total (TOT) and BP (BP) climbed, while the Energy Select Sector SPDR ETF (XLE) added 1.5%.
Apple (AAPL) , the world's largest company, slid 5% after sales fell for the first time since 2003. The tech giant announced its slowest growth in iPhone shipments on record, while overall sales of $75.9 billion missed forecasts of $76.6 billion. The company earned $3.28 a share, a nickel above estimates.