US equities were mixed in choppy, but largely uneventful Wednesday trading, With the Dow Jones closing down 22bps, while the S&P500 and Nasdaq finished up 1bps and 32bps respectively. The Big story today was weaker data and the accompanying rate rally. May ADP private payrolls coming in much softer than expected while May ISM Services moved back into contraction territory. Results seen as putting some added scrutiny on May non-farm payrolls this Friday. Fed's latest Beige Book said economic activity has declined slightly since the previous report.