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Wall Street flat as Fed decision awaited

Reuters 

By Sruthi Shankar

(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.

"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, at in

"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 tool.

The two-year Treasury yield, which is sensitive to Fed interest rate hikes, was last up at 2.54 percent.

At 12:42 p.m. ET, the was up 2.99 points, or 0.01 percent, at 25,323.72, the 500 was up 1.30 points, or 0.05 percent, at 2,788.15 and the was up 26.58 points, or 0.34 percent, at 7,730.37.

A landmark ruling that approved AT&T's $85 billion deal to buy put the spotlight on media and telecom shares.

Shares of channel owner rose 3.1 percent. dropped 4.7 percent, sending the telecom services index down 3.6 percent to its biggest single-day fall in nearly four months.

surged 7.4 percent as Corp is expected to outbid Walt for some of its assets. rose 3 percent

jumped 4.1 percent after raised it price target on the stock and forecast that 2018 would be the peak negative-free cash flow year for the company.

rose 2.5 percent after the said it was not in talks to buy rival Boston Scientific, days after a media report on a potential deal between the two companies.

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 index recorded 40 new 52-week highs and two new lows, while the Nasdaq recorded 145 new highs and 20 new lows.

(Reporting by in Bengaluru; Editing by Anil D'Silva)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, June 13 2018. 22:48 IST
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