Stocks slipped to session lows mid-morning on Wednesday, weighed down by bank shares after Standard and Poor's cut ratings and outlooks on 22 U.S. banks and after a disappointing earnings forecast from bellwether FedEx Corp .

The decline sent the broad S&P 500 stock index <.SPX> below its 200-day moving average for the first time since June 1.

The Dow Jones industrial average <.DJI> dropped 38.32 points, or 0.45 percent, to 8,466.35. The Standard & Poor's 500 Index <.SPX> fell 7.61 points, or 0.83 percent, to 904.36. The Nasdaq Composite Index <.IXIC> lost 10.27 points, or 0.57 percent, to 1,785.91.

(Reporting by Rodrigo Campos; Editing by Padraic Cassidy)