Evening Market Recap - Wednesday, 29-May

US equities finished lower in Wednesday trading, ending not far from worst levels after having remained in largely the same range through the bulk of the session; Dow Jones, S&P500, and Nasdaq closing down 106bps, 74bps, and 58bps respectively. Rate backup the big overhang on stocks as of late, made worse this afternoon by yet another weak Treasury auction, with $44B in 7Ys tailing around 1.5 bps, and underlying metrics worse than recent averages. May Richmond Fed Index beat. Fed's latest Beige Book report noted most districts saw slight or modest growth.