© Reuters.

By Kim Khan

Investing.com – Here are three things that could rock the markets tomorrow.

1. P&G and Intel (NASDAQ:) Weigh In

Earnings tomorrow are a dichotomy, with the definitive legacy consumer products giant reporting before the bell and the definitive legacy tech company up after the close.

Procter & Gamble (NYSE:) will weigh in ahead of trading.

Analysts, on average, expect P&G to $1.37 per share on sales of about $18.4 billion, according to forecasts compiled by Investing.com.

But investors should be cautious going into earnings, Investing.com analyst Haris Anwar said.

The “pace of growth that P&G is showing is unusual for a company which produces everyday consumables in categories where the competition is intense and margins are low,” Anwar said. “From a big consumer staple giant like P&G it wouldn’t be fair to expect a blowout quarter every time.”

After the bell, Intel (NASDAQ:) will be up.

Intel (NASDAQ:) is expected to report a of $1.25 per share, with revenue coming in at $19.2 billion.

Earlier this week Jefferies upgraded its rating on Intel to hold from underperform,

2. ECB Press Conference Takes the Stage/

It’s fairly quiet on the U.S. economic calendar tomorrow. But early hours will bring the European Central Bank’s interest rate decision.

The ECB is expected to keep at negative 0.5%, a record low, but of more interest will be the tone of ECB President Christine Lagarde, where the sighting of a hawk could boost the euro.

The decision is at 7:45 AM ET (12:45 GMT), while the press conference with is scheduled for 8:30 AM ET.

Also at 8:30 AM ET the weekly initial jobless claims numbers arrive.

The Labor Department is expected to report a bounce back to 215,000 of for first-time unemployment benefits after last weeks surprisingly low 204,00.

3. Supplies Are Running the Oil Market

Oil prices have been pressured by a huge build-up in oil products in the U.S. in the last two weeks, indicating that supply is continuing to get ahead of demand.

Today the American Petroleum Institute, reported that its measure of rose by 1.6 million for the week ended Jan. 17.

The Energy Information Administration will report its weekly inventory numbers tomorrow at 11:00 AM ET (16:00 GMT), slightly later than usual due to the Martin Luther King Day Holiday on Monday.

Traders are looking for a decline of about 1 million barrels for , according to forecasts compiled by Investing.com.

They are also forecasting a rise of about 1 million barrels in and a build of about 3 million barrels in .

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