US futures rose on Wednesday, extending a two-day bounce following the worst trading day of 2021, which was sparked by a surge in new coronavirus infections, which could prompt lockdowns once more. However, excellent results have helped the market recover, and investors are now focusing more on the fundamentals rather than the increasing coronavirus numbers.

Netflix (NFLX), Chipotle (CMG), Coca-Cola (KO), Johnson & Johnson (JNJ), and Verizon (VZ) all outperformed the market, boosting the market that had been on the decline in previous months. The selloff that began this week was the worst trading day of the year, worrying investors that great earnings results would be squandered.

On the other hand, Netflix bucked the industry trend by exceeding experts' forecasts for new subscribers in Q2. The stock had its worst day in three months on Wednesday, falling more than 3% as investors reacted negatively to its mixed earnings.

The selloff on Monday temporarily diverted attention away from quarterly profit data, which showed a robust rebound. The Dow, Nasdaq, and S&P 500 all fell to their lowest levels in months due to an increase in cases of the Delta variation of the coronavirus, which is more contagious than the older version of the virus.

On the other hand, market players are rethinking some of their pessimism, pointing out that hospitalizations and deaths haven't risen considerably and are still much below levels seen during the COVID-19 outbreak's deadliest days.

"The market is playing this collective game of chicken right now," CIC Wealth executive vice president Malcolm Ethridge told Yahoo Finance Live. "We all collectively agree that we can't go on this way for much longer. There's no obvious catalyst."

All attention will be on unemployment claims on Thursday, which hit a new pandemic-era low last week. The emergence of coronavirus has served as an omen for the labor market's health, as the rising number of illnesses is driving further limitations, which, in turn, is resulting in another wave of job losses.