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Stocks Weaker on Disappointing July ISM

Stocks weaker on disappointing July ISM, which came in at 50.9, lowest since July 2009, was weaker than consensus (about 54) and the whisper number (52) many were using. ISM was a bright spot earlier in the year.

Stocks opened strong but weakened going into that number, led down by consumer stocks. Precious metal stocks, which were weak at the open, have rallied off their lows.

Key technical level remains roughly 1283, the 200 day moving average for the S&P 500.

Also pressuring stocks are rumors that the House vote on the debt deal will be rockier than thought, and may not pass on the first vote.

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