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.

Shares of Microsoft finished up 4% at $533.50, an all-time closing high, according to Dow Jones Market Data. Microsoft closed with a market cap of $3.966 trillion, just short of j

Shares of Microsoft spiked Thursday following blowout quarterly results, lifting the tech giant into the previously unprecedented $4 trillion club along with Nvidia, another artificial intelligence standout.