Stocks are looking at a down open this morning thanks to more earnings warnings in the tech sector.

Today’s victims are Advanced Micro Devices Inc. and Rambus Inc. The market also seems to be holding its nose over the week’s first economic numbers from the United States.

U.S. retail sales came in up 0.2% in June, but down 0.2% excluding autos to US$220 billion. The results disappointed analysts, who were looking for a 0.3% rise on the headline, up 0.2% excluding autos.

The U.S. Producer Price Index for June was also announced, reporting a 0.4% dip. Energy led the slide, excluding energy the core PPI rose 0.1%. Both sets of data are seen as deflationary and supporting possible further rate cuts in the U.S.

In other news, the Argentine crisis seems to be abating a bit after the government there agreed on a plan to cut spending and avoid defaulting.

In Europe, stocks are mixed, but not moving much in either direction heading into the weekend. In London, the FTSE is up 29 points to 5,511. In Paris, the CAC 40 has gained 30 points to 4,991. Germany’s DAX is down five points to 5,885.

Overnight in Asia, stocks only had the earnings warnings to react to, and they slipped. Also, economic concerns are dogging Japan. The Nikkei dropped 53 points to 12,355. In Hong Kong, the Hang Seng dropped 47 points to 12,613.

In other news, oil prices may be sliding again after the International Energy Agency cut its demand forecast yet again this year, suggesting demand is at its lowest level since 1998.