Apple and Amazon report after the bell. Here's what the options market is saying

Apple CEO Tim Cook at the World Economic Forum annual meeting in Davos, Switzerland, Jan. 20, 2026.Ludovic Marin | AFP | Getty ImagesEarnings on deck this afternoon for Apple and Amazon will likely decide if the stock market can end what's so far been a rough week on solid footing.Unfortunately for bulls it's been tough to get two big-tech winners at once this earnings soon — last week Alphabet and Tesla fell together, and last night Microsoft rallied while Meta fell. It's easy to see Apple and Amazon finding the same fate, with the stocks going in different directions so far this year and options flows mixed.Apple is up 25% year to date, making records and a seeing a 7% rally since the S&P 500 peaked on June 2. Options traders are braced for a bigger-than-usual move on earnings, with implied volatility pricing a 3.4% move after the report drops — more than double the stock's median 1.5% move after its past four reports.Stock Chart IconStock chart iconAAPL year to dateWhile options flows were leaning bullish to start the week, early gain in Apple share reversed while the stock market sold off Wednesday and options traders took a more bearish lean in the stock.While more than $4...