Meta Platforms also reported earnings after Wednesday’s close. Coming into the earnings, the option market had priced the straddle at 42 points, or 6% of the stock price. That straddle price was cheaper than six of the past 10 post-earnings moves by Meta — meaning that the odds were theoretically slightly in favor of buying the straddle.

Microsoft’s market capitalization climbed past the $4 trillion mark on Thursday morning following a spectacular set of quarterly earnings that underscored the company’s dominance in the artificial intelligence landscape. It highlights big tech’s growing influence on markets and the economy.

The main indexes all opened higher Thursday on impressive Big Tech earnings, but momentum faded into the close.