(This story is for CNBC Pro subscribers only.)
The monster earnings day is here — Apple, Amazon, Alphabet and Facebook, worth nearly $5 trillion combined, are all on deck to report after the bell. In the absence of clear guidance, option traders are pricing in big moves in these high-fliers when they drop high-stakes quarterly results.
The options market is now implying at least a 5% move either way for Amazon and Facebook post earnings, while the expected action for Apple and Alphabet is in the 4% range, up or down, according to data from Options AI.
While these tech giants have led the sharp market rebound from the coronavirus sell-off, their first-quarter reports did reveal some of their weaknesses as advertising dried up and costs mounted amid the pandemic. The results also came a day after the tech executives testified before a Congressional antitrust panel.