U.S. stock futures are trending higher this morning in part over the August nonfarms payrolls report. Wall Street economists were expecting the U.S. economy to have added 170,000 jobs last month, with an unemployment rate of 4.3%, while the numbers came in at 156,000 and a rate of 4.4%. However, volume may be low today, as many traders are taking off early for Labor Day weekend.

At last check, Dow Jones Industrial Average futures were up 0.31%, S&P 500 futures had gained 0.3% and Nasdaq-100 futures were up 0.38%.

On the options front, volume returned to normal on Thursday, with traders reexamining their positions at the end of August. About 15.5 million calls and 13.8 million puts changed hands yesterday. On the CBOE, the single-session equity put/call volume ratio fell to 0.57 and the 10-day moving average hit a one-month low of 0.62.

Turning to Thursday’s options activity, Apple Inc. (NASDAQ:AAPL) saw a sharp increase in call option activity after setting an event date for Sept. 12. Elsewhere, Advanced Micro Devices, Inc. (NASDAQ:AMD) was also call heavy following bullish remarks from analysts at Jefferies. Finally, Gilead Sciences, Inc. (NASDAQ:GILD) bulls were out in force following FDA approval of Novartis AG’s (ADR) (NYSE:NVS) new cancer treatment.

Apple Inc. (AAPL)

Yesterday, Apple sent out invitations to an event planned for Sept. 12 — one which many believe will bring the official launch of the new iPhone 8. Analysts had been concerned that Apple would push back the new iPhone’s launch date due to production shortfalls. Apple is also expected to unveil new version of its existing iPhone 7 at the event.

With the iPhone 8 launch all but confirmed, AAPL options traders jumped on the hype train. Volume spiked to 464,000 contracts, with calls accounting for a hefty 69% of the day’s take — well above the average for the past month.

Currently, the September put/call open interest ratio rests at a bullish 0.61, but I would expect this reading to fall even further as September 12 approaches. Remember September options expire on the 15th, making them the most affected by any big announcements at Apple’s event.

Apple options traders are currently targeting the $160 call (98,000 contracts) and the $150 put (78,000 contracts), with the $165 call (68,000 contracts) also receiving heavy attention.

Advanced Micro Devices, Inc. (AMD)

AMD stock rebounded 2.6% yesterday after analysts at Jefferies named the company one of its top two picks in the semiconductor market. Nvidia Corporation (NASDAQ:NVDA) was the other top pick. According to Jefferies, AMD could rally another 50%, benefiting from tight chip supply in the market and the companies continued offerings based on the Ryzen chipset. Jefferies set its price target for AMD at $19.

AMD options traders also joined the bullish bandwagon yesterday. Volume rose to 195,000 contracts, roughly 1.5 times AMD’s daily average. Calls made up a whopping 76% of the day’s take — a level not seen since before the company’s last quarterly earnings report.

What’s more, quite a few of those calls were centered in the September series. Specifically, AMD’s September put/call OI ratio plunged from 0.57 on Wednesday to today’s perch at 0.53 — indicating that calls were opened at a much faster rate than puts in the past two days. I looks like AMD is coming back once again from the brink of potentially entering a bear market.

Gilead Sciences, Inc. (GILD)

Why would GILD stock rally more than 7% on news that a competitor’s cancer treatment received FDA approval? The answer is simple. On Monday, Gilead bought Kite Pharma Inc. for $11.9 billion, and investors were concerned that Gilead paid way too much for the company. However, Kite is working on CAR-T cancer therapies similar to the one the FDA just approved for Novartis. The approval eased investors’ minds over the Kite acquisition, and set the stage for the company’s own FDA approval down the road if things go well.

The news brought GILD options traders back into the fold yesterday. Volume soared to 186,000 contracts, more than quadrupling GILD’s daily average. The activity was bullish in nature, too, as calls made up 74% of the day’s take. Judging from September OI, there is plenty of room on the GILD bullish bandwagon.

Currently, the September put/call OI ratio rests at a bearish 1.12, with puts outnumbering calls among front-month options. Yesterday’s spike in call volume could signal a reversal of bearish bets, thus bringing sideline money back into GILD stock.

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