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.

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

Microsoft stock surged on better-than-expected financial results for its latest quarter and strong guidance. The beat was driven in part by double-digit revenue growth in the tech firm’s closely watched Azure cloud business.