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 17th, and I'm your host Kim Khan. Our top story so far.

Eli Lilly announced that its weight loss therapy to Zeppitide reached main goals

in two phase three trials for patients with obesity and obstructive

sleep apnea, a sleep-related breathing disorder.

Citing top-line data, Lily said to Zeppitide, marketed at Zepp mount, significantly reduced the trial's primary endpoints compared to a placebo.

Lillie's Surmount OSA program, which involves 469 adults with moderate to severe obstructive

sleep apnea and obesity across multiple countries

also reached a key secondary end point based on the percentage change in apnea hypopnea index.

Stocks to watch include CPap device makers, ResMed, Inspire Medical Systems, and Phillips, as well as

Sleep Apnea Drug Development Jazz Pharmaceuticals. Eli Lilly and its Danish rival Novonordisk dominate the market for weight loss therapies

where the FDA approved GLP1 agonist, Giuseppetide and semi-glutide.

In today's trading, the market looks to be taking a

breather with stocks slightly higher and rates easing back. Both stock and

bond markets look to be adjusting daily to a new Fed's fund rate landscape in

2024.

Following Fed Chairman Jay Powell's remarks on Tuesday,

Fed funds futures are now pricing in just two rate cuts this year

starting in September.

But traders are nearly evenly split on the possibility of that second cut

and strategists are already touting markets adjusting to no cuts until 2025.

I.N.G. says the 10-year yield has a trend back to the 5% area written all over it, and the fund strip now has the

...