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

Good afternoon. Today is Tuesday, July 8th, and I'm your host, Kim Kahn. Our top story so far,

U.S. consumers modestly lowered their expectations for inflation for the year ahead, while keeping the longer-term expectations

unchanged. That's according to the New York Fed's June survey of consumer expectations. Views on

unemployment and job loss expectations improved, but the outlook for spending declined slightly,

even as expectations for household income growth rose. The median inflation expectation dipped

0.2 percentage point to 3% at the one-year-ahead

time frame. Median inflation expectations for three years ahead stayed at 3% and for five years

ahead remained at 2.6%. Median one-year-ahead earnings growth expectations fell by 0.2 percentage

point to 2.5% in June below the 12-month trailing average of 2.8%.

However, the median expected growth in household income rose by 0.2 percentage point to 2.9% in June,

in line with the 12-month trailing average. Consumers are tamping down their spending plans,

though. The median household spending growth expectation fell by 0.2 percentage point to 4.8%, which is still outpacing the growth in expected household income.

The mean probability that the U.S. employment rate will be higher one year from now,

dropped by 1.1 percentage point to 39.7.

Among active stocks, Jeffries raised its price target on Oracle to 270 from 220 while maintaining

its buy rating on the shares, citing mega deals accelerating growth. Brent Thill said Oracle's recent

deals, including an over $30 billion annual revenue contract in fiscal year 2028, represent a pivotal

moment in its evolution as a hyperscaler.

Uber is seen benefiting from the no tax on tips provision in the bill passed by Congress last

week.

Bank of America noted that the tax benefit could provide a modest tailwind to driver supply,

...