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

Good afternoon. Today is Friday, July 7th, and I'm your host, Kim Kahn.

Our top story so far in today's session.

Looks like the markets jumped the gun in the previous session

by putting their faith in ADP's employment report.

June non-farm payrolls rose by 2009,000. The unemployment rate fell to 3.6%, average hourly earnings

was 0.4%, topping expectations of 0.3%. Payrolls were short of the 225,000 expected and a far away from the

500,000 ADP reported yesterday, which caused stocks to decline and yield spike. This was the first time payroll's missed

expectations since April 2022 and the game looked even more meager after ADP.

Still, it was a good reminder to traders that ADP is just not a good predictor of the official figures.

And while it was a mison consensus, experts were quick to remind us that it was an overall solid

report underscoring a resilient labor market. More than 200,000 jobs have been created each month since January 2021.

Economist Justin Wolfers called it a good solid,

straight down the middle,

this little engine just keeps on chugging along

payroll's report. Schwabs Kathy Jones says the big downward revision of 110,000

to the last two months paints a picture of a softer labor market than previously believed

but added the report still suggests the Fed will hike one or two more times this

cycle. She adds that the risk of an overheating economy seems to be receding.

It's also important to note that while the huge ADP

game may have exaggerated job strength,

yesterday still saw a drop in continuing claims,

...