Futures on the Dow Jones Industrial Average have jumped more than 100 points heading into the open, as Wall Street cheers another round of positive corporate earnings. U.S. stock futures are broadly higher overall, with better-than-expected results from Pfizer Inc. (NYSE:PFE) helping to lift sentiment ahead of a key report after the close from Apple Inc. (NASDAQ:AAPL).

What’s more, a flood of economic data is on tap today, including the June PCE deflator reading — a key inflation gauge watched by the Federal Reserve — June personal income and consumer spending, as well as the July Markit manufacturing PMI and the July ISM manufacturing reading.

Against this backdrop, futures on the Dow have added 0.5%, Nasdaq-100 futures are up 0.38% and S&P 500 futures have added 0.31%.

On the options front, volume was anemic on Monday, as only about 12.3 million calls and 11.7 million puts changed hands on the last day of July. Meanwhile, the CBOE single-session equity put/call volume ratio slipped to 0.62, while the 10-day moving average held its ground at 0.62.

Diving into Monday’s options activity, Apple saw heavy call volume yesterday, and should continue to see the same in today’s trading ahead of tonight’s closely watched second-quarter earnings report. Meanwhile, Advanced Micro Devices, Inc. (NASDAQ:AMD) received a considerably bullish note from Wells Fargo, and Snap Inc (NYSE:SNAP) was delisted from the S&P 500 Index.

Apple Inc. (AAPL)

Apple will step into the earnings confessional after the close this afternoon, and the company is running out of momentum. The iPhone is all Apple really has left in terms of bottom line growth, and the company really needs to settle delay and production rumors on the devices this evening — or face a brewing investor backlash. Josh Enomoto recently summed up Apple’s current situation with one succinct phrase: “Apple is running out of ideas, and the markets are taking note.”

By the numbers, Wall Street is looking for a profit of $1.57 per share on revenue of $44.89 billion. Meanwhile, EarningsWhispers.com indicates a whisper number of $1.61 per share. But, barring a major blowout above the consensus, all eyes will be focused on the iPhone, and not the bottom line … and that’s a growing problem for Apple.

Even options traders are taking note. Volume came in at a healthy 718,000 contracts on Monday, but calls only made up 60% of the day’s take — noticeably below the stock’s average in the 62%-63% range, and well below the typically bullish call activity Apple usually sees ahead of earnings.

In fact, the Aug 4 put/call open interest ratio rests at an elevated reading of 0.95, with puts and calls in near parity. This heavy attention to pre-earnings puts for Apple is highly unusual, and could be a sign that options traders are looking for a sell off following the event.

Advanced Micro Devices, Inc. (AMD)

AMD stock has been in full retreat after breaking out to fresh highs in the wake of its second-quarter earnings report. Many analysts feared that the results were skewed due to the cryptocurrency mining fad, and that sentiment has prompted a new round of profit taking. Yesterday, however, analysts at Wells Fargo reminded investors of the strength of AMD’s core product line, projecting that it’s Threadripper CPU and Radeon RX Vega GPU would steal marketshare from Intel Corporation (NASDAQ:INTC) and Nvidia Corporation (NASDAQ:NVDA), respectively.

At the the Siggraph annual computer graphics conference, Wells Fargo said:

“We believe the launch of Vega-based graphics cards may compete against Nvidia’s top end gaming cards including the GTX 1080, and help AMD gain market share in the high-end graphics market … We think these Ryzen Threadripper processors will help AMD gain shares in the high-end desktop market which Intel currently dominates.”

Largely ignoring AMD’s 2.4% slide yesterday, options traders piled into calls looking for a rebound. Volume reached nearly 314,000 contracts, with calls accounting for 69% of the day’s take. Furthermore, the August put/call OI ratio has fallen to a near-term low of 0.64, with AMD options traders apparently betting on a quick return to form for the shares.

As I recently noted over at Banyan Hill, AMD is headed toward the lower rail of its recent technical trend channel, and should rebound solidly after post-earnings profit taking dies down. AMD options traders may have realized the same technical development, with the Aug $15 call currently sporting OI of more than 22,000 contracts.

Snap Inc (SNAP)

SNAP stock was smacked by a slew of bad news yesterday. First, the stock hit a fresh new all-time low as the lock-up period for its IPO ended, putting an estimated 957 million new shares on the market. Second, SNAP stock was delisted on the S&P 500 Index after the index said that it is moving to exclude listings that don’t provide voting rights to investors. Long standing S&P members like Berkshire Hathaway Inc. (NYSE:BRK.A, NYSE:BRK.B), however, have been grandfathered in, of course.

For SNAP, however, it was bad news all around, and options traders took it pretty hard. Volume rose to 240,000 contracts as traders pushed puts to roughly 46% of the day’s take. The push toward SNAP puts has dominated the stock’s short-term outlook, as the August put/call OI ratio has ballooned to a reading of 1.18.

That said, peak put OI currently totals more than 22,000 contracts at the deep in the money $17 strike, meaning options traders have plenty of room to roll their positions downward.

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