On Wednesday, the U.S. stock market showed modest growth after the head of the Federal Reserve Jerome Powell told the Senate that the central bank is determined to curb inflation and has the necessary tools to accomplish this task.

Recession fears have intensified in recent weeks, weighing on stocks, but this week investors have tried to overcome those concerns with mixed success.

While bank economists are raising the likelihood of a recession sometime next year, and Powell told the Senate Banking Committee that a recession is one possible outcome, some investors interpreted Powell’s statement in terms of how tough the Fed will be. They seem to have been reassured by Powell’s comments that the Fed needs to be flexible and responsive to the data it receives.

Powell is scheduled to appear on Capitol Hill again Thursday for another round of Q&A, this time in the House of Representatives. It forms part of his semiannual report to Congress.

Before his speech Thursday morning, new data on U.S. jobless claims will be released. Employment is one of the main barometers of the economy’s health for the Fed, and Powell said the economy is strong enough to withstand further rate hikes.

Here are 3 events that could impact the market on Thursday:

1. JOBLESS CLAIMS

Last week’s initial jobless claims report is expected at 08:30am ET (12:30pm GMT). Analysts expect the number to come in at 227k, roughly in line with the previous week’s level.

2. MANUFACTURING PMI

Manufacturing activity data for June is due out at 09:45 am ET (13:45 GMT). Analysts expect the manufacturing PMI, which reflects business conditions in the U.S., to come in at 56, down slightly from 57 in the previous month.

3. FEDEX EARNINGS.

FedEx Corporation (NYSE:FDX) will release its earnings report on Thursday, and analysts expect the global logistics leader to report earnings per share of $6.87 on revenue of $24.5 billion.