Microsoft posted its fiscal fourth-quarter results after Wednesday's closing bell. Investors will be focused on cloud growth, spending plans and monetization of AI tools like Copilot.

And with Microsoft shares up by 9% and Meta gaining 11% before the open, the S&P 500 would have a hard time being anything but up today. In fact, that index is gaining nearly 1% in premarket futures trading. The Nasdaq, of which both Microsoft and Meta are also members, is up more than 1%.

In the last five years, Microsoft’s stock has displayed a slight inclination towards negative one-day returns following earnings announcements.