U.S. stock futures are headed lower this morning, as Wall Street prepares for a deluge of Federal Reserve speakers following last week’s interest rate hike. Chicago Fed President Charles Evans will appear on TV today and speak in New York later, while several other speakers are slated for the rest of the week to talk about the Fed’s thinking on monetary policy.

Against this backdrop, futures on the Dow Jones Industrial Average have dipped 0.08%, with S&P 500 futures are off 0.18% and Nasdaq-100 futures have shed 0.04%.

On the options front, volume remained above average on Friday amid March expiration. Overall, roughly 17.6 million calls and 16.5 million puts changing hands to close out the series. Over on the CBOE, the single-session equity put/call volume ratio ticked higher to 0.61, while the 10-day moving average edged lower to 0.63.

Turning to Friday’s volume leaders, Bank of America Corp (NYSE:BAC) saw increased dividend speculation following CEO Brian Moynihan’s annual letter to shareholders. Elsewhere, Tesla Inc (NASDAQ:TSLA) continued to see speculation surrounding capital expenditures heading into the launch of the Model 3, while Snap Inc (NYSE:SNAP) plunged following a bearish note from Moffett-Nathanson.

Bank of America Corp (BAC)

Bank of America has been itching to raise its dividend for some time now. But, with Fed approval needed to lift its own dividend, the company has placed its hopes on President Donald Trump’s promise to lift banking sector regulations.

Once BofA gets the go-ahead on either front, it is just a matter of time before the company’s dividend moves higher. In fact, in his annual letter to shareholders, CEO Brian Moynihan mentioned “dividend” nine times, two of which reinforced a “focus on increasing” BofA’s quarterly payout.

BAC options traders appeared to take heart in the prospect of higher dividends. Volume rose to 942,000 contracts on Friday, with calls accounting for 70% of the day’s take. Looking out to April, the put/call open interest ratio comes in at a bullish reading of 0.51, with calls nearly doubling puts among near-term options. That said, this speculation may be more geared toward Bank of America’s upcoming quarterly earnings report.

Tesla Inc (TSLA)

TSLA stock has been rife with speculation ever since the company announced it was raising $1.15 billion in cash to fund its ambitious growth plans — specifically the launch of the Model 3 this year. With Tesla looking to ramp up production from roughly 100,000 in 2016 to about 500,000 in 2018, growth will not come cheap. In fact, speculation puts capital expenditure growth at nearly 200% in 2017, with the Model 3 and production expansion at the Gigafactory sucking up the lion’s share of that cash.

With so much on the line for Tesla, options speculators have grown a bit wary of the stock in recent weeks. On Friday, volume rose to more than 366,000 contracts, with calls only able to eke out 51% of the day’s take. In fact, April options underscore a growing concern for TSLA stock, with the put/call OI ratio rising to 1.47 as puts are added at a faster rate than calls among short-term traders. Currently, the most popular put is the April $250 strike, where about 4,300 contracts reside.

Snap Inc. (SNAP)

Since its IPO at the beginning of the month, SNAP stock has been a sinking ship. The shares are down more than 20% during this time frame, culminating with a breach of round-number support at $20 on Friday. Driving Friday’s losses was yet another bearish research note, with Moffett-Nathanson initiating SNAP stock with a “sell” rating and a target price of $15. Earnings were the big concern for Nathanson, stating that Snap may not see positive “GAAP operating margins until 2021.”

The influx of negative sentiment is beginning to wear on the typically optimistic SNAP options crowd. On Friday, volume rose to more than 276,000 contracts, with calls only managing 51% of the day’s take.

In fact, the April put/call OI ratio now rests at a lofty 1.50 for SNAP, as puts are quickly becoming a favorite among short-term options traders. Far and away the most popular April strike is the $18 put, where more than 32,000 contracts reside.

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