The Nasdaq bounced out of correction territory on Wednesday, led higher by some of the huge tech companies that were hit hardest in the recent sell-off. Microsoft gained 4.3%, Amazon added 3.8% and Apple increased nearly 4%. And markets are up again today.

But jobless numbers remain high.

Another 884,000 Americans filed for first-time unemployment benefits on a seasonally adjusted basis last week, the Labor Department reported on Thursday. The number of claims filed was unchanged from the prior week.

That said, the headline number only counts claims for regular benefits that not everyone who lost their livelihood due to the pandemic has access to. That’s why claims for benefits under the Pandemic Unemployment Asstistance (PUA) program, that help workers like independent contractors, are so important. First-time claims under the PUA program totaled 838,916 last week, up from the prior week.

Meanwhile, 13.4 million American workers filed claims for unemployment insurance for at least two weeks in a row.

US futures had dipped a bit on Thursday, but a feeling of calm has returned to markets. “Like a late summer storm, the market volatility of the last few days has simply faded away,” said Societe Generale strategist Kit Juckes.

The VIX, a measure of market volatility, is back below 30 after surging above 35 on Tuesday. According to the CNN Business Fear & Greed Index, greed is once again the prevailing emotion driving markets.

Kevin Giddis, managing director at Raymond James, said that whether the positive sentiment “holds, or gains momentum, is anyone’s guess.” Of course, volatility will return at some point. The question for investors is when — and what will provide the trigger.

In Europe, where the number of coronavirus cases is surging and trade talks between the European Union and the United Kingdom are at risk of collapsing, investors are keeping a close watch on the central bank.

The European Central Bank will issue its latest decision on Thursday, and President Christine Lagarde will hold a press conference. Investors will be looking for signs the bank could turn the stimulus tap back on following a sharp rise in the euro against the dollar.

There is also some positive economic data to consider. Industrial production figures for France and Italy confirmed a continued recovery in July, although output levels remain depressed compared to a year ago

In the United States, investors will have new labor market data to consider. Economists predict that another 846,000 Americans filed initial claims for unemployment benefits last week.

That would be an improvement from 881,000 claims filed in the previous week, and a sign that the job market is recovering. In recent months, there have only been two weeks when claims came in under 1 million.

The big picture: The US economy is operating at 79% of where it was in early March, according to The Back-to-Normal Index from Moody’s Analytics and CNN Business.