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

Good afternoon, today is Thursday, May 30th, and I'm your host Kim Kahn. Our top story so far.

Interest rates doves got some relief from the relentless hire for longer drumbeat from Fed members with some softish data this morning.

Q1 real GDP was revised down to an annual rate of 1.3% down from the first estimate of 1.6%.

The drop was mainly due to a downward revision in consumption, which sank to 2% from 2.5% initially, and was in line with economists forecasts.

And core PCE prices were revised down to 3.6% from 3.7%.

That compared with a consensus of 3.7%.

Kathy Jones, fixed income strategist at Schwab, noted final sales to domestic purchasers were revised lower to 2.8% from 3.1%.

Overall, a slightly softer reading than the original.

Also this morning, weekly initial jobless claims

rose to 219,000 compared with 218 expected in 216 than prior week.

Pantheon macroeconomist Ian Shepardson says the trending claims appears to be rising, albeit

fitfully and from a very low level.

But the four-week average is now at its highest level since late September, and an array of leading indicators,

Challenger layoff announcements, Warren notices, and measures of consumers fear of layoffs all

point to further increases. The numbers were enough to boost expectations for a September quarterpoint

rate cut slightly, but it should be noted that the Atlanta Fed's GDP now forecast model is currently

tracking a 3.5 percent growth rate for Q2 GDP.

On the heels of the data, rates moved lower.

The 10-year Treasury yield fell back below 4.6%.

Stocks also moved off their lows. The S&P and NASDAQ are now down less than half a percent, but the Dow is off more than 1%, dragged down by the price decline in component salesforce. Salesforce tumbled as it posted its

first revenue miss since 2006 with guidance also missing the mark. That had

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