On the earnings front, major companies like American Express (AXP), Schlumberger (SLB), and Roper Technologies (ROP) are slated to release their quarterly results today. According to strategists at Morgan Stanley, earnings in Europe have started off slowly, with results coming in softer than in previous quarters and only the largest companies showing strong profits. However, UBS analysts in a note expressed a pessimistic outlook for auto retail sales in the second half, citing a sluggish economy, weak consumption, and persistent deflation risk.