U.S. stock futures are stuck around even this morning, as Wall Street remains cautious ahead of this week’s Federal Open Market Committee (FOMC) meeting. Fed fund futures are pricing in an 88.6% chance of a 0.75 to 1.0 rate hike this week, according to data from CME Group. Meanwhile, gold and silver prices are on the rise amid a safe-haven bid heading into the rate hike, and oil prices are sliding following the eighth weekly rise in active U.S. rigs.

Heading into the open, futures on the Dow Jones Industrial Average are up 0.09%, while S&P 500 futures have risen 0.04% and Nasdaq-100 futures are up 0.02%.

On the options front, volume arrived just above average on Friday, with about 16.7 million calls and 14.1 million puts changing hands. Over on the CBOE, the single-session equity put/call volume ratio fell to 0.57, dragging the 10-day moving average lower to 0.62.

Turning to Friday’s volume leaders, Bank of America Corp (NYSE:BAC) continued to draw heavy call volume ahead of this week’s FOMC meeting and a widely expected March rate hike. Elsewhere, Snap Inc (NYSE:SNAP) began trading options on Friday, and SNAP options traders don’t appear very optimistic about the social media upstarts prospects. Finally, Altria Group Inc (NYSE:MO) calls surged ahead of today’s ex-dividend date, but with the shares trading near 52-week highs, dividend capture may not be the only reason for bullish activity.

Bank of America Corp (BAC)

With more than a month under its belt, the FOMC rate-hike play on BAC stock may be long in the tooth at this point, but that hasn’t stopped options traders from speculating on potential upside for Bank of America stock.

On Friday, BAC stock saw volume top one million contracts amid a session filled with exchange-traded fund (ETF) activity. It makes sense, as BAC has become the bellwether for the financial sector, and is poised to benefit the most among its peers from a bump in the Fed’s overnight lending rate.

It should come as no surprise, then, that bullish calls made up 74% of Friday’s activity, and BAC traders should expect to see more call volume heading into the Fed’s policy statement on Wednesday afternoon. That said, options traders are playing the rate hike close to the vest, with peak March call open interest of 156,000 contracts resting at the in-the-money $25 strike. Above that, there are roughly 90,000 contracts at the $26 strike and 95,000 calls open at the March $27 strike.

With the overall market nervous about elevated stock prices, BAC traders should be wary of potential sell-on-the-news profit taking following a Fed rate hike.

Snap Inc (SNAP)

Billed as one of the hottest tech IPO’s of the year (or past several years), Snap’s price action since going public has not quite lived up to the hype. SNAP stock is down nearly 10% since the beginning of March, leaving all but IPO insiders underwater. What’s more, there could be considerably more downside ahead if Friday’s options activity is any indication.

SNAP began trading options on Friday, and the speculative trading bunch finally got to weigh in on the shares. Total volume came in at a respectable 227,000 contracts, though puts dominated the initial trading session, snapping up 76% of the day’s take. When the smoke finally cleared, SNAP was facing an April put/call OI ratio of 4.17, with bearish puts more than quadrupling bullish calls. Peak put OI for April totals more than 38,000 contracts at the $18 strike, compared to peak call OI of about 9,000 contracts at the $30 strike.

Altria Group Inc (MO)

With the shares set to trade ex-dividend today, MO stock saw a flood of options activity on Friday. Total volume ramped up to 321,000 contracts, with calls accounting for 97% of the day’s take. Call traders were clearly vying for the 61 cent per share dividend payout on April 10, due to shareholders of record as of the close on Friday.

While a majority of Friday’s call activity may have been dividend related, MO stock has been quite the bullish force in and of itself lately. The shares are up more than 23% since November, and are trading just shy of fresh 52-week high territory. MO recently breached resistance at $76, and continues to trend higher along support at its 10-day and 20-day moving averages.

That said, ex-dividend trading could pull the shares down for a test of their 10-day moving average, but any such retreat could be seen as a buying opportunity.

As of this writing, Joseph Hargett did not hold a position in any of the aforementioned securities.