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 4th, and I'm your host, Kim Khan. Our top story so far,

Wedbush star tech analyst Dan Ives, known for his bullish AI thesis, sees his namesake Exchange Traded Fund launched

today. The Dan Ives-Ives-Wedbush AI Revolution E-T-F, ticker symbol, surprise, surprise, I-V-E-E-S,

open for trading at 2537 today. The management fee is 0.75%. It's all about the use cases exploding,

which is driving this tech transformation, being

led by software and chips into the rest of 2025 and beyond, and thus speaks to our Tech

Bull and AI Revolution thesis with these 30 core names, I said last month. Among the 30 holdings

are Microsoft, Google, Amazon, Nvidia, Palantir, Snowflake, Apple, Meta, Palo Alto Networks,

Micron, and more.

On the economic front, ADP said private sector employment rose by just 37,000 in May, missing

the 110,000 consensus and cooling from a rise of 60,000 in April. That's the lowest level since

2023. That low figure caused some market jitters

ahead of Friday's official jobs report, wiping out gains in stock market futures and pushing

the 10-year yield closer to 4.4%. But, as Pantheon macro reminds us, 80P's forecast error,

regardless of sign, has averaged 84,000 and has been as big as 348,000 since

its methodology was overhauled in August 2022. That's a bigger average error than for the

consensus forecast, about 50K, and the 73,000 error from simply taking the average first

official estimate of growth in private payrolls over the previous six months.

The breakdown of ADP's employment estimates is just as unreliable, with the average

absolute forecast errors for every major sector, also bigger than simply assuming the prior

six-month average growth rate. Still, that didn't stop President Donald Trump from highlighting

...