Correction? What kind of correction? The market seems to have regained its bullish bias, with the Nasdaq leading the U.S. market in Wednesday trading, up more than 2%. The tech-focused index is now more than 8% above its late January bottom, even as the 10-year Treasury bond yield approaches 2%.

There is one ongoing threat to the market, however, and that threat will come to the fore on Thursday. In addition to the overall U.S. inflation report due in the morning, the full slate of earnings reports will offer plenty of catalysts for individual companies and sectors.

Here’s what to watch for in the market on Thursday:

1. Consumer Price Index report

The Consumer Price Index (CPI) and Core CPI reports will be released before the open of trading and are expected to put pressure on the Fed, its officials, and the market. Economists expect CPI and core CPI to be 0.5% up from the previous month; core CPI (excluding energy and food prices) is expected to be 5.9% year-over-year and CPI is expected to be 7.3% year-over-year. The latter value would be the highest since 1982.

Of course, expectations have a way of factoring into prices; both rising yields and expectations of a rate hike suggest that the market is waiting for big numbers and subsequent Fed action in March. Perhaps the biggest question is whether this CPI reading will be enough to push the Fed to raise rates by 50 basis points when it meets next. And if so, will technology stocks and long term assets be able to hold up in the short term?

2. Coca Cola and Pepsi earnings

The two beverage giants will report their earnings before the market opens. Amid a more defensive tone in the market, both these giants have outperformed the indexes since the beginning of the year. PepsiCo Inc is expected to report a 7.8% rise in revenue and a 3.4% rise in profit, while Coca-Cola Co is expected to report a 4.5% rise in revenue and a 12.7% drop in earnings per share. In addition to specific numbers, both competitors are expected to provide information on commodity price inflation and what the prices will be for consumers.

3. Cloudflare and Affirm earnings

Several technology companies will report on Thursday; none have had brighter ups and downs than Cloudflare Inc and Affirm Holdings Inc. Cloudflare, a provider of cloud platforms and services, is expected to record a 47% increase in revenue and nearly reach break-even. Affirm is expected to post 61% revenue growth but maintain losses on the back of net income. The “buy now, pay later” fintech company is nearly 60% below its high set just last November. The question is whether this company’s slowdown has been sufficiently factored into the price and whether it can change the market’s mind with its results: it all depends on the company itself.

The same goes for Cloudflare, which is down 48% from its 52-week highs in November. Today’s Twilio report is a sign that the market may be on the sidelines, even if the broader picture has changed. Will these companies benefit from similarly subdued expectations?