1. The Dow early Thursday was leading the way lower as it has done in recent sessions. Dow stock and Club name Salesforce's post-earnings plunge was accounting for the bulk of the 300-point drop in the premarket. The Dow, S&P 500 and Nasdaq were all looking at back-to-back losses if the morning trading holds at the close. Club name Costco reports earnings after the bell.

2. Salesforce's latest quarter and guidance Wednesday evening showed us the enterprise software slowdown is real. Shares fell 15%. While overdone, stocks are not rewarded for slowing growth. We kept our 2 rating and cut the Club's price target to $300, from $340. Buzzwords from the post-earnings call: "constrained" sales cycle, "budget scrutiny," and "measured buying environment."