Microsoft’s stock is often “a safe place” for investors to be between earnings reports, analysts at Guggenheim Partners said in a client note on Thursday. And after its June-quarter results, the analysts said “future estimates no longer look challenging,” therefore making the “‘safe period’” likely to extend longer.

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%.