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

Good afternoon. Today is Wednesday, June 26th, and I'm your host Kim Khan.

Our top story so far. FedEx is rallying sharply after topping earnings expectations

with revenue growth inflecting positively.

J.P. Morgan upgraded FedEx to an overweight.

Analysts Brian Asumbeck said FDX is forging a new identity under its first CEO other than founder Fred Smith.

Ocabec noted heightened focus on profitable growth,

improving capital efficiency,

and cost savings across the portfolio.

Bank of America reiterated its buy rating, citing momentum and structural cost take out, and

potential unlocking of value from its strategic review of FedEx Freight.

And Evercore ISI's Jonathan Capel said,

we believe the key to the FedEx Investment Thesis

is continued execution on its drive savings program

and a smooth consolidation of the Ground Express business

rather than relying on a macro

that is increasingly uncertain. Investors won't be the only Fedheads taking notice.

As a proxy for the global economy, FedEx's results will also be parsed by the Federal Reserve

as they look to engineer soft landing. Recent soft numbers on the growth side have

raised the possibility of the FOMC pulling the rate cutting cycle forward.

Global rates move higher this

morning and the 10-year Treasury yield saw a substantial move back above 4.3%

...