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Boiling oil, a dovish Fed and the start of earnings season

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What's the big event for markets Wednesday?

Markets expect to hear from a dovish Fed on Wednesday, while a bubbling up of oil prices makes weekly U.S. inventory data a bigger than normal focus.

For the stock market, the first notable report of the corporate earnings season—Alcoa—is expected after the closing bell. Earnings season gets into full swing next week when major banks and technology companies report.

The minutes of the Fed's March meeting are released at 2 p.m. ET. Fed watchers hope to see more elaboration on the deliberations that led Fed officials to signal a willingness to move towards raising rates, and what it is they are looking for as a trigger when they make the final decision.