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

Good afternoon. Today is Monday, March 24th, and I'm your host, Kim Khan. Our top story so far. We're mixing things up and starting with the Wall Street Research Corner today.

U.S. investors are set to see a decline in stock-based wealth

of a whopping $3 trillion for Q1 2025,

according to estimates from B of A using private client equity data.

That's about a third of the $9 trillion that household equity wealth rose in 2024

when it climbed to about $56 trillion, strategist Michael Hartnett said.

U.S. fiscal, monetary, and trade policy are currently hawkish, while the yield curve is set to

invert, Hartnett noted.

Growth numbers will also likely come with some sticker shock, as the latest PMI figures

showed that GDP will likely come in at an annual rate below 2% for Q1.

At face value, the March S&P Global U.S. composite PMI topped estimates

thanks to a rebound in services activity.

The Flash composite rose to 53.5 from 51.6 in February.

The services PMI came in at 54.3 versus 51.2 consensus and 51 in the previous month, but the manufacturing PMI clocked in

at 49.8 versus 59.1 expected and 52.7 prior. Chris Williamson, Chief Bureau economist at S&P Global

Market Intelligence said, a welcome upturn in service sector activity in March has helped propel

stronger economic growth

at the end of the first quarter. However, the survey data are indicative of the economy growing

and an annualized 1.9% rate in March and just 1.5% over the quarter as a whole, pointing to a

slowing of GDP growth compared to the end of 2024. A key concern over tariffs is the impact on inflation,

with the March survey indicating a further sharp rising costs at suppliers pass tariff-related

...