US STOCKS-Wall St flat as Fed decision awaited

Reuters

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    * Fed policy statement due at 2 p.m. ET
    * Netflix jumps after Goldman raises PT
    * Media stocks bounce on AT&T-Time Warner ruling 
    * Indexes up: Dow 0.01 pct, S&P 0.05 pct, Nasdaq 0.34 pct

 (Updates to early afternoon)
    By Sruthi Shankar
    June 13 (Reuters) - U.S. stocks were little changed on
Wednesday, ahead of a widely expected interest rate hike by the
Federal Reserve, with focus on its guidance on the economy and
monetary policy.
    With the 25 basis point rate hike almost certain, market
participants will parse the central bank's statement for clues
on whether it will raise rates three or four times in 2018. The
announcement is due at 2:00 p.m. ET.  urn:newsml:reuters.com:*:nL1N1TD1NR
    "The uncertainty is whether or not the Fed talks about some
of the political stuff going on in D.C. and concerns about
trade," said Willie Delwiche, investment strategist at Robert W.
Baird in Milwaukee.
    "If they were just about what's going on in the economy,
then it would be talking about a fourth rate hike, so the
market's prepared for that."
    Traders are betting a 91.3 percent chance of a rate hike on
Wednesday, but are almost evenly split about a fourth rate
increase in December, according to the CME Group's Fedwatch
tool.
    The two-year Treasury yield  US2YT=RR , which is sensitive
to Fed interest rate hikes, was last up at 2.54 percent.
    At 12:42 p.m. ET, the Dow Jones Industrial Average  .DJI 
was up 2.99 points, or 0.01 percent, at 25,323.72, the S&P 500
 .SPX  was up 1.30 points, or 0.05 percent, at 2,788.15 and the
Nasdaq Composite  .IXIC  was up 26.58 points, or 0.34 percent,
at 7,730.37.
    A landmark ruling that approved AT&T's  T.N  $85 billion
deal to buy Time Warner  TWX.N  put the spotlight on media and
telecom shares.  urn:newsml:reuters.com:*:nL1N1TE25F
    Shares of HBO channel owner Time Warner rose 3.1 percent.
AT&T dropped 4.7 percent, sending the S&P telecom services index
 .SPLRCL  down 3.6 percent to its biggest single-day fall in
nearly four months.
     Twenty-First Century Fox  FOXA.O  surged 7.4 percent as
Comcast Corp  CMCSA.O  is expected to outbid Walt Disney  DIS.N 
for some of its assets. Disney rose 3 percent
    Netflix  NFLX.O  jumped 4.1 percent after Goldman Sachs
raised it price target on the stock and forecast that 2018 would
be the peak negative-free cash flow year for the company.
 urn:newsml:reuters.com:*:nFWN1TF09I
    Stryker  SYK.N  rose 2.5 percent after the medical device
maker said it was not in talks to buy rival Boston Scientific
 BSX.N , days after a media report on a potential deal between
the two companies.  urn:newsml:reuters.com:*:nL4N1TF44C 
    Declining issues outnumbered advancers for a 1.49-to-1 ratio
on the NYSE and for a 1.02-to-1 ratio on the Nasdaq.
    The S&P index recorded 40 new 52-week highs and two new
lows, while the Nasdaq recorded 145 new highs and 20 new lows.

 (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil
D'Silva)
 ((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223
8780; outside U.S. +91 80 6749 6328; Reuters Messaging:
sruthi.shankar.reuters.com@reuters.net))

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