Stocks opened slightly higher and for the most part have drifted throughout the morning session. The averages stand little changed, but with the Nasdaq as the clear leader, in a listless trading session. The market has gotten past the U.S. summit with North Korea and is now focused on the Fed meeting, which is widely expected to end tomorrow with a quarter point increase in interest rates. ECONOMIC EVENTS: In the U.S., the NFIB small business optimism index rose 2.9% to 107.8 in May. The consumer price index rose 0.2% in May, with the core also up 0.2%. The annual CPI pace accelerated to 2.8% year-over-year for the headline figure and 2.2% year-over-year for the core CPI. The Federal Reserve began its latest FOMC rate setting meeting, which is scheduled to conclude tomorrow. COMPANY NEWS: That day’s biggest news outside of North Korea is likely to be made after the closing bell in a D.C. court, as judge Richard Leon is expected to announce his ruling on whether AT&T’s (T) $85B takeover of Time Warner (TWX) can proceed or if it should be blocked on antitrust grounds, as the Department of Justice argues. The decision will have far-reaching implications, not just for those two companies but for many others, including most notably 21st Century Fox (FOXA) and its suitors. It has been reported that Comcast (CMCSA) will soon formalize its bid challenging Disney’s (DIS) agreement to buy Fox assets if AT&T’s deal for Time Warner is allowed to proceed… Shares of Tesla (TSLA) advanced over 5% after KeyBanc analyst Brad Erickson raised his Model 3 deliveries estimate for the second quarter by 50%, to 30,000, following positive checks with Tesla sales centers. Also benefitting from the increased bullishness of an analyst was Twitter (TWTR), which rose 6% after JPMorgan analyst Doug Anmuth increased his price target on the stock to $50 ahead of the World Cup, as he believes the microblogging platform will serve as a powerful tool for fans to learn what is happening in real time and engage in conversation around matches. MAJOR MOVERS: Among the noteworthy gainers was Rent-A-Center (RCII), which rose 17.5% after Vintage Capital disclosed that it submitted a letter to the company’s board concerning its “best and final” offer to acquire the company for $14 in cash per share. Also higher were RH (RH) and Lands’ End (LE), which gained 35% and 25%, respectively, after reporting quarterly results. Among the notable losers was Hawaiian Holdings (HA), which slipped 5% after reporting May traffic metrics and cutting its Q2 operating revenue per ASM view. Also lower was Stryker (SYK), which fell a further 3% as analysts weigh in with their projections of the price the company may have to pay if it wants to acquire Boston Scientific (BSX), as reported yesterday that it may be seeking to do. INDEXES: Near midday, the Dow was up 20.90, or 0.08%, to 25,343.21, the Nasdaq was up 45.71, or 0.60%, to 7,705.63, and the S&P 500 was up 6.58, or 0.24%, to 2,788.58.