On the earnings front, major companies like American Express (AXP), Schlumberger (SLB), and Roper Technologies (ROP) are slated to release their quarterly results today. Losses in technology stocks are leading the overall market lower, with SAP Se (SAP.D.DX) dropping over -4% after the software company reported weaker-than-expected sales for its key cloud unit. 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.