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 2nd, and I'm your host, Kim Kahn. Our top story so far.

Peloton Interactive announced that Barry McCarthy is stepping down from his roles as CEO,

President, and board director.

McCarthy will become a strategic advisor to the company

through the end of this year.

The Peloton Board has initiated a search

to identify Peloton's next CEO. Meanwhile, Karen Boone, current Peloton chairwoman, and Chris Bruzzo, a Peloton director, will serve as interim co-ceeos.

The company also announced that it will lay off 15% of its global workforce.

The stock initially popped on the announcement of leadership change, but is now tumbling after

it missed quarterly consensus estimates on the top and bottom lines.

In today's training, stocks are higher, but the major averages are seeing resistance

right around the peak of where they were Wednesday when Fed Chief Jay Powell's speaking.

Rates are mixed coming off the lows after another batch of Q1 data that leaned to this

stagflationary side.

Q1 non-farm productivity crept up 0.3% quarter and quarter, less than the 0.9% expected and slowing

markedly from the 3.5% pace in the previous quarter.on-quarter, much stronger than the 3.3% expected

and accelerating from 0.4% in Q4, 2023.

The measure reflects a 5% increase in hourly compensation along with the productivity gain.

But Wells Fargo economists noted that when measured of the past year non-farm productivity growth is up 2.9%

the strongest gain in three years. You know labor cost growth which can be viewed as the

productivity adjusted cost of labor increased just 1.8% over the year.

...