Equities tried to rebound for a second day on Wednesday with the S&P 500 gaining a little more than 0.35% at the height of the session. The move comes despite a much weaker than expected report from Netflix that points to a major change at the world's largest video streamer. Netflix will not only begin cracking down on password sharing but is also considering the launch of a lower-priced ad-supported model that is contrary to the original concept. Shares of Netflix fell more than 35% on the news and may head lower. The news also sapped sentiment for tech in general and sparked a near-1% decline in the NASDAQ 100.

Thursday's trading will be impacted by reports from Tesla, Alcoa, and AT&T. The market will be looking for signs of organic growth above the consensus figures and margin health as well, if either are missing this market could reverse course once again and move back below the 30-day EMA. Regardless, volatility remains elevated and will lead to extreme day-to-day market action driven by the latest headlines.