U.S. stock futures are trending higher this morning, though tension remains in the air on Wall Street. A trio of Federal Reserve speakers are lined up for today, with Janet Yellen kicking things off ahead of the open. Meanwhile, Congress faces a key vote over President Donald Trump’s plan to replace the Affordable Care Act, which traders could view as a prelude to how votes on the rest of Trump’s agenda might play out.

Against this tenuous backdrop, however, futures on the Dow Jones Industrial Average are up 0.09%, while S&P 500 futures have added 0.22% and Nasdaq-100 futures are higher by 0.16%.

On the options front, volume retreated sharply from Tuesday’s blistering session. Still, about 16.7 million calls and 15.8 million puts changed hands, keeping activity above average for the past three weeks. On the CBOE, the single-session equity put/call volume ratio edged lower to 0.73 from Tuesday’s two-month high of 0.79. The 10-day moving average, though, continued higher to another one month high of 0.67.

Driving Wednesday’s options volume, Nike Inc (NYSE:NKE) plunged over 7% and drew heavy put option volume after the company’s fourth-quarter guidance came in lighter than expected. Elsewhere, Snap Inc (NYSE:SNAP) received its second “buy” rating in as many days, while Advanced Micro Devices, Inc. (NASDAQ:AMD) bounced back sharply amid bargain hunting after Tuesday’s sell-off.

Nike Inc (NKE)

Nike was a drag on the Dow yesterday, as the shares plunged more than 7% following weak guidance and fears that Adidas AG (ADR) (OTCMKTS:ADDYY) was taking market share. For the third quarter, Nike said it earned 68 cents per share on $8.43 billion in revenue, versus expectations for $8.47 billion in sales and earnings of 53 cents per share.

Additionally, Nike said it would no longer publish its “futures orders” metrics, but noted that the figure fell 1% on the quarter versus expectations for a 3.4% rise.

Options traders took the hint and piled into NKE puts yesterday. Total volume rose to 349,000 contracts, placing Nike in rare territory near the top of yesterday’s most actives list. What’s more, puts made up the majority of the activity, snapping up 55% of the day’s take. That said, NKE options traders were already moving into puts ahead of yesterday’s earnings, as the April put/call open interest ratio rose to a near-term high of 1.06 prior to the event.

Peak put OI for the series totals nearly 26,000 contracts at the in-the-money $55 strike, with another 14,000 puts open at the still out-of-the-money April $52.50 strike. Meanwhile, NKE is now trading well below all major short-term call OI strikes, which could create headwinds going forward.

Snap Inc (SNAP)

In the past two days, beleaguered social media upstart Snap has received not one, but two “buy” initiations. Specifically, Drexel Hamilton initiated SNAP stock with a “buy” and a $30 price target yesterday, following on the heels of a Monness Crespi Hardt “buy” initiation on Tuesday. Drexel Hamilton called Snap a “a platform for the imagination that unlocks the creativity of its users and allows uninhibited expression with friends,” and cited the company’s growth potential with Millennials.

SNAP options traders began to lean bullish on the shares for the first time since their IPO yesterday. More than 306,000 contracts traded on SNAP stock, with calls accounting for 59% of the day’s take. Still, short-term sentiment remains heavily bearish on the shares, with the April put/call OI ratio currently sitting at 1.22, with puts easily outnumbering calls. That said, peak April call OI looks more defensive than outright bearish, with 32,000 contracts residing at the deep out-of-the-money $18 strike.

Advanced Micro Devices, Inc. (AMD)

AMD stock bounced back sharply yesterday, reclaiming nearly all of Tuesday’s Trump-trade sell off. The shares are once again back above technical support at $14, though some worry that market headwinds following a failed vote on Trump’s health care plan today could send the shares lower once again. Following such an event, AMD should find short-term support in the $12.50 region, which is home to the stock’s rising 50-day moving average.

AMD options traders didn’t appear to be concerned about continued weakness yesterday, however, as calls made up 71% of yesterday’s total volume of 219,000 contracts. However, the April put/call open interest ratio did edge higher to 0.75 from Monday’s reading of 0.74, indicating that puts were added at a faster rate during the past two days.

While this development isn’t an outright bearish indicator for AMD stock, it should be watched closely for a continued shift toward put activity that could be a warning sign of short-term weakness.

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