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

Good afternoon. Today is Wednesday, April 3rd, and I'm your host Kim Kott.

Our top story so far.

Walt Disney's proposed slate of directors was re-elected to the board at its annual meeting Wednesday afternoon,

beating a pair of rival slates from Nelson Peltz's

tri-in group and Blackwell's group in what became the most expensive proxy contest ever.

We are pleased to announce that based on the tabulation of our proxy solicitor, it appears that the full Disney slate has been elected by a substantial margin over the Triand group nominees and the Blackwell's group nominees. Legal Chief Horatio Gutierrez announced.

Voting closed at 122 p.m. Eastern time.

Shareholders voted to elect all 12 nominees recommended by the Disney Board.

Trion said after the vote,

while we are disappointed with the outcome of this proxy contest,

Tryand greatly appreciates all of the support and dialogue

we've had with Disney stakeholders.

We are proud of the impact we have had in refocusing this company on

value creation and good governance. Looking to the economy, Federal Reserve Chairman

Jerome Powell eased some concerns about the policy makers turning hawkish after recent hot economic data.

At Stanford Business School's first Business Government and Society forum, Powell said the path of monetary

policy remains pretty much on track, which would be around three rate cuts in 2024 as far as traders are concerned.

He said, the recent data do not materially change the overall picture, which continues to be one of solid growth, a strong

but rebalancing labor market, and inflation moving down toward 2% on a sometimes bumpy path.

But as usual, the Fed Chief tried to provide some balance and people should not

expect rate cuts until there is more confidence on inflation. Odds of a rate cut

...