Apple and Amazon earnings loom as options market signals mixed moves

Apple and Amazon will report quarterly earnings after the closing bell on July 30, 2026, with options markets pricing a 3.4% post-results swing in Apple—more than double its 1.5% median move—and a 6.6% swing in Amazon, setting up a potentially divergent finale to a turbulent week for stocks.

Apple’s stock has surged 25% year to date, notching record highs and rallying 7% since the S&P 500 peaked on June 2. Yet options positioning turned slightly bearish on July 29 as the broader market sold off. Over $470 million of the $634 million in Apple options premium that day was tied to calls, but much of that involved selling calls, leaving net sentiment leaning negative, according to SpotGamma and Barchart. The most active contract was the 330-strike puts, which need a more than 3% drop to pay off.

Amazon, flat on the year, showed more optimistic options flows. Most of the $615 million in premium on July 29 was linked to puts, but traders appeared to be selling that volatility rather than buying it, Barchart data showed. Net trade sentiment was positive by nearly $3 million and 100,000 deltas. Traders are pricing in a 6.6% move, slightly below the median 7% move over the past four quarters, per Cboe LiveVol.

The reports land in a mixed Big Tech earnings season. Alphabet and Tesla both fell in their updates, while on July 29 Microsoft rallied and Meta declined. The divergence in Apple and Amazon’s year-to-date performance and options positioning suggests the two might split again, potentially leaving the market without a unified catalyst to end the week.