The S&P 500 and the Nasdaq Composite continued their post-election rally, while the Dow Jones Average was basically flat in late-morning trading Thursday, as Wall Street awaits the Federal Reserve's decision on interest rates later in the day.

In company news, United States Cellular (USM) said Thursday it has entered into an agreement with AT&T (T) to sell a portion of its retained spectrum licenses for $1.02 billion. Substantially all of the deal is contingent upon the closing of United States Cellular's sale of its wireless operations and select spectrum assets to T-Mobile (TMSU), the company said. Shares of AT&T were down 1.1% near noon, while those of US Cellular were up 1.3%.

Warner Bros. Discovery (WBD) reported Q3 earnings Thursday of $0.05 per diluted share, up from a loss of $0.17 a year earlier and above the Capital IQ consensus estimate calling for a loss of $0.07. Third-quarter revenue was $9.62 billion, down from $9.98 billion a year earlier and below the Capital IQ consensus estimate of $9.79 billion. Warner Bros. Discovery shares were up 10.5%.

Boeing (BA) and Airbus could split China Airlines' multi-billion-dollar order for long-distance passenger jets, Reuters reported Thursday, citing unnamed industry sources. China Airlines could order up to 20 passenger jets, split equally between Boeing and Airbus, the sources reportedly told Reuters. No financial details were disclosed, Reuters reported. Separately, the Federal Aviation Administration will enhance its oversight of Boeing as the company prepares to resume 737 MAX production following the end of a strike earlier this week by 33,000 of its workers, Reuters reported Thursday, citing the agency. Boeing shares were up 2.6%.

Nippon Steel continues to expect closing its $15 billion acquisition of United States Steel (X) by year-end, as it seeks to avoid any potential opposition to the deal from the incoming Trump administration, Reuters reported Thursday, citing Nippon Steel Vice Chairman Takahiro Mori. Shares of US Steel were up 1.0%.

Price: 22.08, Change: -0.24, Percent Change: -1.08