Larger-than-usual post-earnings stock swings by AI and hyperscaler companies this earnings season have upended a historical pattern in which smaller companies’ results typically drive the larger stock moves, data from options analytics service ORATS showed.
The first few weeks of earnings seasons are typically dominated by major market leaders, including financial giants like JPMorgan Chase and Wells Fargo, early-reporting Dow Jones blue chips, and mega-cap tech powerhouses like Apple, Microsoft, Alphabet, and Meta. Smaller companies in the index take center stage in later weeks.