The market faces a key test after the closing bell when Alphabet and Microsoft report earnings. Microsoft is less than 1% below its closing record reached earlier this month, while Alphabet is 20% below its May closing high. Market-makers are pricing in a 5.8% move in Alphabet stock after the report, compared with less than 5% for Microsoft. Alphabet’s implied move is more than twice its two-year average reaction of 2.7%, while Microsoft’s is below its 6% average. The put-to-call ratio stands at 0.72 for Alphabet and 0.59 for Microsoft, but recent Alphabet options flows point to renewed call buying, with about 102,000 transactions attributed to buyers versus 54,000 to sellers.
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