* Fed policy statement due at 2 p.m. ET
* Netflix jumps after Goldman raises PT
* Media stocks bounce on AT&T-Time Warner ruling
By Sruthi Shankar
June 13 (Reuters) - U.S. stocks were little changed onWednesday, ahead of a widely expected interest rate hike by theFederal Reserve, with focus on its guidance on the economy andmonetary policy.
With the 25 basis point rate hike almost certain, marketparticipants will parse the central bank's statement for clueson whether it will raise rates three or four times in 2018. Theannouncement is due at 2:00 p.m. ET. urn:newsml:reuters.com:*:nL1N1TD1NR
"The uncertainty is whether or not the Fed talks about someof the political stuff going on in D.C. and concerns abouttrade," 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 themarket's prepared for that."
Traders are betting a 91.3 percent chance of a rate hike onWednesday, but are almost evenly split about a fourth rateincrease in December, according to the CME Group's Fedwatchtool.
The two-year Treasury yield US2YT=RR , which is sensitiveto 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 theNasdaq Composite .IXIC was up 26.58 points, or 0.34 percent,at 7,730.37.
A landmark ruling that approved AT&T'sT.N$85 billiondeal to buy Time WarnerTWX.N put the spotlight on media andtelecom 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 innearly four months.
Twenty-First Century FoxFOXA.O surged 7.4 percent asComcast Corp CMCSA.O is expected to outbid Walt DisneyDIS.N for some of its assets. Disney rose 3 percent
NetflixNFLX.O jumped 4.1 percent after Goldman Sachsraised it price target on the stock and forecast that 2018 wouldbe 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 devicemaker said it was not in talks to buy rival Boston ScientificBSX.N , days after a media report on a potential deal betweenthe two companies. urn:newsml:reuters.com:*:nL4N1TF44C
Declining issues outnumbered advancers for a 1.49-to-1 ratioon 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 newlows, while the Nasdaq recorded 145 new highs and 20 new lows. (Reporting by Sruthi Shankar in Bengaluru; Editing by AnilD'Silva) ((firstname.lastname@example.org; within U.S. +1 646 2238780; outside U.S. +91 80 6749 6328; Reuters Messaging:email@example.com))