Option traders are bracing for big post-earnings moves from Amazon, Apple and Facebook

FAANG stocks displayed at the Nasdaq.
Adam Jeffery | CNBC

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The monster earnings day is here — AppleAmazonAlphabet 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.