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.

Meta and Microsoft — two of America’s biggest companies — both delivered blockbuster earnings on Tuesday. The news helped to calm fears that President Donald Trump’s tariffs were hurting consumer and business spending.