By Sruthi Shankar
Shares of the HBO channel owner jumped 3.6 percent after the approval, which is expected to trigger a wave of corporate mergers. AT&T dropped 3.8 percent and weighed the most on the S&P telecoms index, which fell 2.6 percent.
At 9:55 a.m. ET, the Dow Jones Industrial Average was up 3.68 points, or 0.01 percent, at 25,324.41, the S&P 500 was up 0.75 points, or 0.03 percent, at 2,787.60 and the Nasdaq Composite was up 12.94 points, or 0.17 percent, at 7,716.74.
Investors are awaiting the Fed's decision on monetary policy at 2:00 p.m. ET. With the year's second interest rate hike almost certain, market participants will look for signals on whether the Fed will move to raise rates three or four times this year.
"Market pricing is fairly split between three and four hikes this year, so it probably doesn't require a hawkish signal to correct a mispricing," Deutsche Bank strategist Jim Reid wrote in a note to clients.
Investors are focused on how the Fed characterizes its monetary policy as borrowing costs return to more normal levels amid an ongoing economic expansion. Fed Chair Jerome Powell holds a news conference after the decision.
A Labor Department report on Wednesday showed U.S. producer prices increased more than expected in May, leading to the biggest annual increase in nearly 6-1/2 years, but underlying producer inflation remained moderate.
Declining issues outnumbered advancers for a 1.08-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 1.07-to-1 ratio on the Nasdaq.
The S&P index recorded 36 new 52-week highs and two new lows, while the Nasdaq recorded 99 new highs and 11 new lows.
(Reporting by Sruthi Shankar 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.)