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

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

It's fast food versus big beef. McDonald's has sued the big four meat processing companies.

That's Cargill, JBS, National Beef, and Tyson Foods, for allegedly

driving beef prices higher by limiting supplies from as early as 2015.

The suit alleges defendants colluded to reduce supplies of beef in tandem, thereby

raising and fixing beef prices at levels higher than prices would have prevailed had the beef

market been competitive.

McDonald's claims the meat packers colluded to underpay suppliers for fed cattle and

reduce beef output over time, thereby increasing their margins and profits.

Only colluding meat packers would expect to benefit by reducing their prices

and purchases of slaughtered cattle because they would know that their conspiracy would shield them

from the dynamics of a competitive marketplace, the suit said. The fast food chain is seeking the as well as a court order to end the quote conspiracy.

In today's training, stocks are rebounding from the sell-off in the previous session led by growth stocks.

Lower oil prices are helping risk on sentiment with W.T. and Brent down more than 4%.

A combination of the potential for a ceasefire between Israel and Lebanon and the lack of further

stimulus for the Chinese economy halted the recent rally in oil.

Instead of a significant stimulus effort, China announced a special purpose bond issuance to

local governments to spur growth.

The ultra long special sovereign bonds, totaling 1 trillion

you want, have been fully allocated for regional projects. Chinese markets were

almost closed when the announcement hit, but Hong Kong's Hangs Hangs sang

...