Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Friday, June 30th, and I'm your host, Kim Kahn.

Our top story so far in today's session, it's been a good week for economic data if you're

in the soft landing camp.

Thursday saw a historically huge final revision in GDP to 2%, and today's inflation numbers showed some unexpected cooling.

The May Personal Income and Spending Numbers arrive with the Fed's favorite inflation measure, that's the

Personal Income Expenditures Price Index, minus Food and Energy, or the core PCE

index for short. The headline inflation number cooled to a 0.1% month-on-month pace, while the court

PCE rose 0.3% a tick under its April rate. On an annual basis, PCE rose 3.8%, well down from 4.4% in April.

Core PCE was 4.6%.

Both were lower than forecasts.

Now here's a look at how trading is shaping up. Stocks are rallying off the inflation number with gross stocks, the big beneficiaries as rates slide.

The NASDAQ gained more than 1%, while the S&P and Dow also gained.

All the indexes are set for a weekly rise.

The 10-year Treasury yield fell to around 3.83%.

The two-year was off around 4.85%.

Following the PCE report, the market price don't a lower chance of two rate hikes this year and the dollar ease further.

Michigan sentiment rose from its initial estimate,

while the Chicago PMI rose a little less than expected. As we round out the first time for the year,

the SMT is up about 15%, the NASDAQ up more than 20%, and the Dow

trailing up 10%. Among stocks to watch, Apple is topping the $3 trillion level.

City analyst Atifamalic started coverage on Apple with a buyer

...