First-quarter earnings season kicks off this week, and if you're looking for calm, orderly market reactions, you might want to look elsewhere. The options market is telling a different story—one where single-day stock moves of nearly 30% are being priced in for some of the world's largest companies.

This isn't just another earnings cycle. This is the first time companies are reporting since the U.S.-Iran war started reshaping everything from oil prices to global supply chains. Every CEO stepping up to the podium this week will face the same uncomfortable question from investors: "What did the conflict cost you last quarter, and what does it mean for the rest of the year?"

Banks are up first, and they've got plenty to explain. JPMorgan Chase & Co. (JPM) fires the starting gun on Tuesday alongside Citigroup Inc. (C) and BlackRock Inc. (BLK). Bank of America Corp. (BAC) and Morgan Stanley (MS) follow on Wednesday.

For the banking sector, the narrative will center on three fault lines: whether soaring energy prices and inflation are cooling loan demand from consumers and businesses, and whether wider credit spreads are quietly building stress in private credit and leveraged lending books that haven't yet shown up in the reported numbers.

The semiconductor world gets its first major checkpoint when ASML Holding N.V. (ASML) reports on Wednesday and Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) reports on Thursday. Their results will either confirm or crack the thesis that AI hardware demand is insulated from the macro deterioration hitting digital services and IT outsourcing.

Netflix Inc. (NFLX) also reports on Thursday, giving us a read on whether streaming entertainment remains a priority in tighter household budgets.

How Big of a Move Are Traders Expecting?

According to market data, options markets are pricing single-digit to nearly 30% post-earnings swings across 10 companies with market capitalizations above $10 billion reporting this week.

Here's a quick primer: implied moves measure the size of the price swing—up or down—that the options market expects, based on at-the-money straddle pricing ahead of the earnings date. A 10% implied move means the options market is pricing an equal probability of a 10% gain or a 10% loss in response to results. It's the market's best guess at how surprised investors might be.

Let's run through the list, from the relatively calm to the potentially explosive.

10) Charles Schwab Corp. (SCHW) – Market Cap: $167.62 billion

• Reports first-quarter 2026 results on April 17 before the market opens.
• Wall Street expects earnings per share of $1.35 and revenue of $6.39 billion, a +33.49% jump in EPS year-over-year and +15.86% revenue growth.
• Options imply a 4.97% post-earnings move, equivalent to roughly $8.3 billion in market value at the current cap.
• Shares are down 4.79% year-to-date.

9) Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) – Market Cap: $1.632 trillion

• Reports first-quarter 2026 earnings on April 16 before the market opens.
• Wall Street expects earnings per share of $3.29 and revenue of $35.50 billion, implying year-over-year EPS growth of 57.44% and revenue growth of 40%.
• Options imply a 5.14% post-earnings move—modest in percentage terms, but equivalent to nearly $84 billion in market value at the current cap. That's a lot of money waiting on a single report.
• Shares are up 22.2% year-to-date.

8) ICICI Bank Ltd. (IBN) – Market Cap: $101.74 billion

• Reports fourth-quarter fiscal 2026 earnings on April 18 before the market opens.
• Consensus estimates call for earnings per share of $0.40 and revenue of $3.35 billion, a slight EPS pullback of 3.61% year-over-year with near-flat revenue growth of 1.52%.
• Options imply a 5.26% post-earnings move on India's second-largest private lender by assets.
• Shares are down 6.95% year-to-date.

7) Ally Financial Inc. (ALLY) – Market Cap: $12.76 billion

• Reports first-quarter 2026 results on April 17 before the market opens.
• Wall Street expects earnings per share of $0.95 and revenue of $2.15 billion, implying year-over-year EPS growth of 62.28% and revenue growth of 38.74%—the strongest earnings rebound estimate on this list.
• Options imply a 5.49% post-earnings move on the digital-only bank and auto lender, which has faced elevated credit loss pressure as used car values repriced over the past year.
• Shares are down 8.22% year-to-date.

6) JB Hunt Transport Services Inc. (JBHT) – Market Cap: $21.48 billion

• Reports first-quarter 2026 results on April 15 after the market close.
• Consensus estimates call for earnings per share of $1.43 and revenue of $2.93 billion, a 23.61% year-over-year earnings improvement on revenues that are expected to barely move, up just 1.10%.
• Options imply a 5.74% post-earnings move on one of North America's largest surface transportation companies. JB Hunt's results will serve as the first major data point on how soaring diesel and pump prices—driven by the war in Iran and the disruption of Strait of Hormuz flows—are compressing margins across the transportation sector.
• Shares are up 17.06% year-to-date.

5) Netflix Inc. (NFLX) – Market Cap: $434.92 billion

• Reports first-quarter 2026 results on April 16 after the market close.
• Wall Street expects earnings per share of $0.76 and revenue of $12.17 billion, implying year-over-year EPS growth of 16.04% and revenue growth of 15.46%.
• Options imply a 5.86% post-earnings move—below Netflix's historical earnings-day average of roughly 10%, suggesting the options market sees limited surprise potential relative to prior quarters.
• Shares are up 9.87% year-to-date.

4) ASML Holding N.V. (ASML) – Market Cap: $573.88 billion

• Reports first-quarter 2026 results on April 15 before the market opens, making it the highest-profile European tech print of the week.
• Consensus estimates call for earnings per share of $7.72 and revenue of $10.21 billion. EPS is seen surging 19.94% year-over-year with revenues up 21.19%.
• Options imply a 6.82% post-earnings move on the world's sole manufacturer of extreme ultraviolet lithography machines—the critical chokepoint in advanced chip production.
• Shares are up 38.33% year-to-date.

3) Alcoa Corp. (AA) – Market Cap: $19.27 billion

• Reports first-quarter 2026 results on April 16 after the market close.
• Wall Street expects earnings per share of $1.24 and revenue of $3.36 billion—EPS seen falling 29.91% from a year ago as higher energy input costs bite into margins, with revenues also edging down 2.99%.
• Options imply a 7.60% post-earnings move. As a primary aluminum producer, Alcoa's results provide a real-time read on industrial metals demand, energy cost pass-through, and the impact of trade tariffs on commodity-linked manufacturers.
• Shares are up 37.65% year-to-date.

2) Ericsson (ERIC) – Market Cap: $39.86 billion

• Telefonaktiebolaget LM Ericsson reports first-quarter 2026 results on April 17 before the market open.
• Consensus estimates call for earnings per share of $0.12 and revenue of $5.72 billion. Expected revenues are holding nearly flat year-over-year, but EPS is seen sliding 12.95%, pointing to margin pressure even as the top line stabilizes.
• Options imply an 8.21% post-earnings move on the Swedish telecommunications equipment giant, whose results are closely watched as a proxy for global 5G infrastructure spending cycles.
• Shares are up 24.31% year-to-date.

1) Wipro Ltd. (WIT) – Market Cap: $23.06 billion

• Reports fourth-quarter fiscal 2026 results on April 16 before the market opens.
• Consensus estimates call for earnings per share of $0.04 and revenue of $2.62 billion—EPS seen contracting 10.67% from a year ago with revenues effectively flat.
• Options imply a staggering 30.09% post-earnings move—meaning the options market is pricing roughly $6.9 billion of Wipro's market value as at risk in a single session. That is more than three times the implied move on any other name on this list and is likely driven by structural factors including thin U.S. options liquidity on the ADR and renewed uncertainty around IT services spending by large enterprise clients.
• Shares are down 21.82% year-to-date.

So there you have it. From a relatively calm 5% expected swing for a trillion-dollar chipmaker to a potential 30% earthquake for a major IT services firm, this earnings week is set up for drama. The underlying stories—war-driven cost pressures, AI demand tests, and sector-specific margin squeezes—will matter just as much as the percentage moves themselves. Buckle up.