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

Good afternoon. Today is Tuesday, June 25th, and I'm your host Kim Kahn.

Our top story so far.

Pfizer CEO Albert Borla said the drugmaker is testing three new weight loss drugs,

one of which will have a different mechanism from currently available

and popular GLP1 agonists. Borla did not reveal the exact mechanism of the third drug,

but mentioned the other two would be GLP1 candidates similar to Novo Nordisk's Wigovi,

which recently received approval in China.

The chief executive also said Pfizer plans to release data later in 2024 showing progress in development of one of the weight

loss therapy candidates, Danug-Lopron, which will be in pill form.

Besides Danube-Lopron, there are other drug candidates in mid-stage development for obesity from Viking

therapeutics, Structured Therapeutics, Altamune, Zeeland Pharma, and Amgen.

In today's trading growth stocks are trying to recover from the previous session's losses,

with the NASDAQ up about half a percent.

The conference board said its main measure of consumer confidence came in at 100.4, down slightly from April, and right in line with Economist forecasts.

The present situation index ticked up to 141.5, while the expectations index fell

to 73.

10thian macroeconomist Ian Shepherson said,

the drop in the expectations index was driven partly by a decline in the proportion of people

expecting business conditions

fell to five point to its lowest level since October 2011. But the mean one year ahead inflation

expectations fell to 5.3% in June from 5.4% in May and were only marginally above the 2000 to 19 average 5% which

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