U.S. stock futures are headed lower once again this morning, as geopolitical turmoil continues to trouble Wall Street. North Korea is taking center stage this morning, after President Donald Trump said the U.S. will take unilateral action on the country if China doesn’t act. Additionally, Trump has accused Russia of covering up a chemical weapon attack in Syria, though the president emphasized that the U.S. was not looking for a ground war in the country.

Against this backdrop, futures on the Dow Jones Industrial Average have slipped 0.09%, S&P 500 futures have dropped 0.19% and Nasdaq-100 futures have shed 0.16%.

On the options front, volume was above average on Tuesday, with about 14.1 million calls and 14.4 million puts crossing the tape. Puts were also active on the CBOE, where the single-session equity put/call volume ratio spiked to a one-month high of 0.79, pushing the 10-day moving average to a one-week high of 0.63.

Driving Tuesday’s options volume, a survey from Piper Jaffray showed strong teen interest in Apple Inc.’s (NASDAQ:AAPL) iPhone. Meanwhile, both Bank of America Corp (NYSE:BAC) and Wells Fargo & C0 (NYSE:WFC) were popular with speculative options traders ahead of their respective quarterly earnings reports.

Apple Inc. (AAPL)

Apple’s iPhone remains the smartphone of choice for teenagers in the U.S., according to the latest survey conducted by Piper Jaffray. The survey results said that 76% of American teens prefered to use Apple’s iPhone, up from 69% in the spring of last year. What’s more, the survey also found that 81% of teens plan to purchase an iPhone as their next smartphone.

But the survey failed to sway short-term options traders, as call volume arrived a bit below average for Apple on Tuesday. Total volume arrived at 1.3 million contracts, but calls only made up about 60% of the day’s take, just off their average pace of 62% for AAPL stock. What’s more, the May put/call open interest ratio rose from 1.03 on Monday to 1.08 yesterday, indicating that puts are being added at a faster rate than calls.

With AAPL stock pulling back from overhead technical resistance, this tick higher in put activity could signal a lack of short-term buying power for the shares.

Bank of America Corp (BAC)

We are on the eve of corporate earnings season, and with the banking sector making considerable noise so far in 2017, all eyes are turning toward Bank of America, which will step into the earnings confessional on April 18. Wall Street is expecting a profit of 35 cents per share, up from 28 cents per share in the year-ago period. The whisper number, according to EarningsWhispers.com, is flat at 35 cents per share.

BAC options traders, meanwhile, appear to be loading up on calls ahead of earnings. Volume yesterday ballooned to 857,000 contracts, with calls snapping up 62% of the day’s take. Speculative traders are targeting the 21 April $25 and $26 call strikes next week, which both sport open interest of more than 15,000 contracts. However, implieds are only pricing in a potential move of about 4% for BAC, putting the upper bound at $23.93 and the lower bound at $22.07.

Wells Fargo & Co (WFC)

Fellow banking concern Wells Fargo will take the earnings stage ahead of Bank of America, releasing its quarterly report ahead of the open tomorrow morning. Analysts are looking for a profit of 97 cents per share, down from 99 cents per share in the same quarter last year. The whisper number puts results a penny higher at 98 cents per share, according to EarningsWhispers.com.

WFC options traders are nowhere near as confident as BAC traders. Volume on Tuesday came in at 211,000 contracts, with puts making up 65% of the day’s take.

That said, 13 April implieds are only pricing in about a 2% move for WFC stock following the report, with the upper bound at $55 and the lower bound at $53. Peak 13 April currently totals 2,800 contracts at the $52.50 put, indicating that options traders may be looking for a selloff following earnings for Wells Fargo.

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