U.S. stock futures are running higher this morning, as Wall Street heaves a sigh of relief following the first round of French elections. Investors were concerned about a potential runoff between two anti-EU candidates, but those fears were allayed after centrist Emmanuel Macron won the first round of voting. Stateside, Wall Street will be waiting on President Donald Trump’s “massive” tax plan, which is slated for reveal on Wednesday.

Against this backdrop, futures on the Dow Jones Industrial Average have surged 0.97%, S&P 500 futures have jumped 1.03% and Nasdaq-100 futures have gained 1.09%.

On the options front, volume came in well ahead of average due to the expiration of April options, with more than 18.2 million calls and 18.1 million puts crossing the tape on Friday. Over on the CBOE, the single-session equity put/call volume ratio ticked lower to 0.67, while the 10-day moving average remained in three-month high territory at 0.70.

Turning to Friday’s most active options, Apple Inc. (NASDAQ:AAPL) saw call volume slip despite data that there could be nearly 70 million potential customers waiting for an iPhone 8. Elsewhere, Visa Inc (NYSE:V) drew heavy call volume after topping Wall Street’s second-quarter earnings expectations. Finally, Micron Technology, Inc. (NASDAQ:MU) also attracted heavy call volume after Barclays PLC upped its price target on the shares.

Apple Inc. (AAPL)

While AAPL stock remains the top performer on the Dow so far this year, the shares have entered a bit of a holding pattern in recent weeks. Investors appear unsure ahead of next month’s quarterly earnings report, though analysts remain broadly positive on potential sales for the coming iPhone 8.

New data from comScore could help alleviate some fears for AAPL investors. According to comScore, there are roughly 70 million iPhone 6 and earlier users, which analysts believe could be ripe for upgrades when the new iPhone 8 is released later this year.

That said, call activity slacked off on AAPL heading into the weekend. Of the more than 722,000 contracts traded on Apple stock on Friday, only about 59% were calls — just below AAPL’s average of 62%-63%. Furthermore, earnings concerns may be bigger than many are anticipating, according to Apple’s options data.

Specifically, the 5 May put/call open interest ratio currently sits at a lofty reading of 1.25, with puts easily outnumbering calls among options most affected by Apple’s quarterly report. A bit of pessimism would be healthy for AAPL, but options traders appear to be betting on a post-earnings decline.

Visa Inc (V)

Following a better-than-expected second-quarter earnings report Thursday evening, V stock is finally breaking out above technical resistance at $90. Visa said it earned 86 cents per share on revenue of $4.48 billion easily topping Wall Street’s expectations for 79 cents on $4.295 billion in revenue. The company also authorized a new $5 billion share repurchase program.

V options traders were heavily bullish following the report. Volume spiked to over 314,000 contracts, with calls snapping up 68% of the day’s take.

Looking ahead, V options traders have high hopes for the shares, as the May put/call OI ratio has plunged to a near-term low reading of 0.31, with calls more than tripling puts among options set to expire within the next month. Peak call OI currently rests at the now-in-the-money May $90 strike, though activity is ramping up on the $92.50 strike, where more than 20,000 contracts currently reside.

Micron Technology, Inc. (MU)

Since surging to fresh 52-week highs in the wake of its second-quarter earnings beat, MU stock has been pressured by valuation concerns and profit taking. However, after filling in their post-earnings gap, MU is now rebounding nicely and heading higher once again. Friday saw analysts move in to provide support as well, with Barclays reiterating its “overweight” rating and lifting its price target from $26 to $35.

Buoyed by the target hike, options traders flooded into MU calls on Friday, with these typically bullish bets accounting for 75% of the almost 294,000 contracts traded on the session. This optimism has firmly taken hold in the May series for MU options traders, as the put/call OI ratio has slipped to 0.47, indicating that calls more than double puts among options set to expire within the next month.

Currently, peak May call OI totals roughly 15,000 contracts at the just overhead $28 strike, while another 14,000 contracts are open at the out-of-the-money $29 strike.

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