By Barbara Kollmeyer and Al Lewis, MarketWatch

Crude prices sharply lower after unwelcome supply surprise

MADRID (MarketWatch) -- U.S. stock futures began pushing south on Wednesday hours ahead of a statement from the U.S. Federal Open Market Committee, as investors grew nervous about whether the central bank will strike the right balance in setting the tone for its first rate hike in nearly a decade.

From flat throughout Europe's morning, futures for the Dow Jones Industrial Average (YMM5) fell 93 points to 17,684, while those for the S&P 500 index (ESM5)(ESM5) dropped about 10 points to 2,057. Futures for the Nasdaq-100 (NQM5) backed off 16 points to 4,355.7

Investors will find out if the Fed has taken a further step toward raising interest rates by taking out the word "patient" from its current policy statement. "The sole aim today will be to move to a more data-dependent stance without appearing to commit to a June rate hike," said Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor, in a note.

Read: How markets may react to Fed's lack of patience (http://www.marketwatch.com/story/how-markets-may-react-to-feds-lack-of-patience-2015-03-17)

The bulk of the news will come at 2 p.m. Eastern Time, when a six-paragraph policy statement is released, along with revamped economic forecasts and the "dot plot" path of interest rates from the 17 central bankers. Fed Chairwoman Janet Yellen will speak at a news conference at 2:30 p.m. More details on that here (http://www.marketwatch.com/story/heres-what-to-watch-from-the-fed-this-week-2015-03-16).

(http://www.marketwatch.com/story/heres-what-to-watch-from-the-fed-this-week-2015-03-16)The week has already been a roller coaster for investors with Tuesday's action (http://www.marketwatch.com/story/us-stocks-futures-dip-as-pre-fomc-jitters-start-to-seep-in-2015-03-17) ending in a 128.34-point loss for the Dow industrials (DJI), as investors got a case of pre-Fed jitters. On Monday, the index snared a 228-point gain. The S&P 500 (SPX) finished around 0.3% lower on Tuesday.

The smart money and the Fed: Stan Shamu, market strategist at IG, said in a note that many feel that Yellen will get it "absolutely right." And he said the smart money will be looking to react to the results rather than trying to get ahead of the central bank's moves.

"The simple reasoning is that the move isn't likely to be a mere flash in the pan and there will be plenty to digest from the meeting and news conference. As a result there will be ample time for traders to initiate positions once all the facts are on the table," said Shamu in a note.

For two officials, a 'Field of Dreams' moment on FOMC (http://www.marketwatch.com/story/for-two-officials-a-field-of-dreams-moment-on-fomc-2015-03-17)

Stocks to Watch: Oracle Corp.(ORCL) rose 2% after the company posted flat earnings, but hiked its dividend (http://www.marketwatch.com/story/oracle-adobe-burlington-stores-earnings-in-focus-2015-03-17).

(http://www.marketwatch.com/story/oracle-adobe-burlington-stores-earnings-in-focus-2015-03-17)Shares of General Mills Inc.(GIS) rose nearly 2% after the cereal and branded foods company's profit beat expectations (http://www.marketwatch.com/story/general-mills-stock-rises-after-profit-beats-expectations-2015-03-18).

Alibaba Group Holding Ltd. (BABA) shares fell 1% as the company's stock-sale lockup ends Wednesday.

Shares of Adobe Systems Inc.(ADBE) could be active after the software maker reported a surge in profits (http://www.marketwatch.com/story/adobe-systems-profit-surges-2015-03-17-17485412) in the first quarter.

Quiksilver Inc.(ZQK) may follow a late-session rally after the outdoor sports apparel maker reported a narrower-than-expected loss (http://www.marketwatch.com/story/quiksilvers-stock-rallies-after-narrower-than-expected-loss-2015-03-17).

FedEx Corp.(FDX) reported a better-than-expected fiscal third-quarter profit (http://www.marketwatch.com/story/fedex-beats-profit-expectations-but-provides-a-downbeat-outlook-2015-03-18) but the quarterly result was offset by revenues that were weaker then Street estimates and soft outlook.

Guess Inc.(GES) and Williams-Sonoma Inc.(WSM) also are expected to report quarterly results.

Kraft Foods Group Inc.(KRFT) has recalled 242,000 cases of Kraft Macaroni & Cheese Dinner boxes (http://www.marketwatch.com/story/kraft-recalls-242000-cases-of-mac-cheese-dinners-2015-03-18), saying specific products could contain small metal pieces.

Other markets: European stocks were in the red, caught up in the wait for the Fed outcome. The dollar (DXY) as well, was stuck in ranges and gold was slightly lower, while U.S. crude prices were piling on losses (http://www.marketwatch.com/storyno-meta-for-guid) after the American Petroleum Institute late Tuesday posted a much sharper-than-expected rise in crude supplies than expected (http://www.marketwatch.com/story/api-data-show-105-mln-barrel-rise-in-us-crude-supply-2015-03-17). April crude (CLJ5) was last down about $1.34 to $42.12 a barrel.

(ESM5)In Asia, the Shanghai Composite (http://www.marketwatch.com/story/asian-shares-mixed-china-gains-on-stimulus-hopes-2015-03-18) rallied 2.1% to a near seven-year high.

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