Global Market Trend As Of August 3rd, 2022

Earnings: Another busy day coming up for earnings, with a big focus on health care. CVS Health, AmerisourceBergen, Moderna, and Regeneron Pharmaceuticals report ahead of the opening bell. Some big insurance companies will report in the afternoon, including Met Life and Allstate. Also watch for hotel and casino play MGM Resorts, online auctioneer Ebay, and household products maker Clorox to name a few. 

American warehouses getting full, America's largest warehouse market is full as major U.S. retailers warn of slowing sales of the clothing, electronics, furniture and other goods that have packed the distribution centers east of Los Angeles.

The merchandise keeps flooding in from across the Pacific, and for one of the busiest U.S. warehouse complexes, things are about to get worse.

Experts have warned the U.S. supply chain would get hit by the "bullwhip effect" if companies panic-ordered goods to keep shelves full and got caught out by a downturn in demand while shipments were still arriving from Asia.

ECONOMIC DATA: The Institute for Supply Management releases its non-manufacturing PMI for July. This important gauge of services sector activity is expected to slip for a fourth straight month to 53.5, the lowest since May 2020. Recall that any reading above 50 indicates an expanding services sector. Also, the Commerce Department is expected to say manufacturing orders jumped 1.1% in June, trailing May’s 1.6% increase.

PAYPAL: Shares surged in after-hours trading. PayPal reported net revenues of $6.8 billion, up 9% year over year in the second quarter and a net loss of $341 million, or 29 cents per diluted share. Last year, the company recorded net income of $1.18 billion, or $1.00 per diluted share.