Evening Market Recap - Wednesday, 23-Aug

US equities were higher in Wednesday trading, ending just off best levels, with the Dow Jones, S&P500, and Nasdaq closing up 54 bps, 110 bps, and 159 bps respectively. August flash manufacturing and services PMIs both missed expectations and saw contractions in new orders. July new home sales were a bit better. Busy day of retail earnings with very mixed takeaways adding to the recent pickup in debate about the degree of consumer resilience. Today's rebound tabbed to big the Treasury rally, even though some of that was driven by softer flash PMI data out of Europe.