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Day Ahead: Top 3 Things to Watch

Investing.com - Here's a preview of the top 3 things that could rock markets tomorrow.

1. Salesforce Earnings on Tap

Tech earnings are on the slate for Thursday, with Salesforce.com (NYSE:CRM) and VMware (NYSE:VMW) set to report results after the closing bell.

Salesforce is expected to report earnings of 47 cents per share on revenue of $3.95 billion.

Guidance will likely generate extra attention, with investors keen to see if the company tweaks its recently revised outlook following its acquisition of Seattle-based Tableau Software in a $15.7 billion deal.

Safesforce shares are up 7.6% for the year but off 8.6% since announcing the Tableau deal on June 10.

The deal, which closed on Aug. 1, forced the company to cut its expectations for growth.

Salesforce previously guided full-year earnings in the range of $2.68 to $2.70 a share, flagging a 20 cents to 22 cents a share hit to earnings as a result of the Tablueau deal.

Ahead of the report, Wedbush said the company’s efforts to boost growth in international markets and verticals could underpin performance and added that Salesforce was an "attractive and reasonably defensive growth investment."

VMware (NYSE:VMW), meanwhile, is expected to report earnings of $1.55 a share on revenue of $2.43 billion.

2. ECB Minutes; Eurozone PMIs in Focus

EUR/USD could be the one to watch in currency markets as the European Central Bank is set to release the minutes of its previous policy meeting on Thursday at 4 AM ET (8:00 GMT).

The minutes could provide fresh clues on the size of the central bank’s new round of stimulus expected in September.

Eurozone manufacturing and services PMIs, meanwhile, will also draw some attention as both measures are expected to have fallen slightly in August from last month.

3. U.S. Jobless Claims, Manufacturing, Services Data Due

At 8:30 AM ET, the Labor Department releases its weekly count of the number of individuals who filed for unemployment insurance for the week ended Aug. 18.

Economists forecast that initial jobless claims fell to 216,000 from 220,000.

At 9:45 AM ET, Markit will releases its preliminary purchasing managers' index (PMI) readings for May.

The manufacturing PMI is seen a notch higher at 50.5 and the services PMI is expected to drop to 52.9.

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