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

Good afternoon. Today is Wednesday, June 5th I'm your host Kim Khan. Our top story

so far. No turn tables in the therapist's office just yet. Leading developers of

psychedelic medicines traded lower after a panel of independent advisors to the FDA declined

to endorse marketing authorization for psychiatric therapy for MDMA, also known as Exacy.

The notable decliners include Mind Medicine,

Atai Life Sciences, Compass Pathways, and Simon. The selloff comes after the

FDA's Psychopharmacologic Drug Advisory Committee voted overwhelmingly against

approving the marketing application submitted by Likos therapeutics for MDMA targeting

post-traumatic stress disorder. Melissa Barone, a panel member who voted against a drug, said,

It seems like there are so many problems with the data.

Each one alone might be okay,

but when you pile them on top of each other,

there's just a lot of questions still I would have

about how effective the treatment is.

On the economic front, ahead of Friday's jobs report, ADP reported that U.S. private sector

employment increased by 152,000 in May, less than the 173,000 expected, and slowing from 188,000 in April.

The numbers jibe with yesterday's lower jolts figures that showed a softening labor market, but frankly, economists are very skeptical about the ADP figures given their poor correlation with official numbers and a change of methodology.

And the ISM Services PMI logged in a 53.8 in May,

beating the 51 consensus and pulling out from 49.4 in April. The print indicates that the sector's economic activity

returned to growth after a month of contraction. And in mean country, the training activities of game

stop of Esther Keith Gill, also known as Roan Kitty, have caught the attention of the Massachusetts Securities Regulator.

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