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.

Bloomberg journalists discuss today's biggest winners and losers in the stock market. Listen for analysis on the companies making news on Wall Street.

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.