U.S. stock futures are trading broadly lower heading into the open. After coming back from a long Labor Day weekend, Wall Street was greeted with heightened tension between the West and North Korea. The North said it successfully tested its largest ever nuclear bomb, and that it was ready to launch an intercontinental ballistic missile by Saturday — the country’s founding day.

While traders are discounting additional U.N. sanctions for North Korea, Wall Street is also preparing itself for the possibility of war.

At last check, Dow Jones Industrial Average futures had fallen 0.28%, S&P 500 futures had fallen 0.2% and Nasdaq-100 futures were down 0.17%.

On the options front, volume was relatively average on Friday, with about 14.7 million calls and 12.1 million puts changing hands. On the CBOE, the single-session equity put/call volume ratio hit a one-week low of 0.56. Meanwhile the 10-day moving average dropped to its lowest point since December 20, hinting at a potential market reversal over the short-term.

Turning to Friday’s options activity, Bank of America Corp (NYSE:BAC) was targeted by heavy call volume heading into the weekend, but not all of it was of the bullish variety. Meanwhile, Facebook Inc (NASDAQ:FB) took aim at Alphabet Inc’s (NASDAQ:GOOG, NASDAQ:GOOGL) YouTube with its new service Watch. Finally, General Electric Company’s (NYSE:GE) new CEO isn’t wasting any time mulling job cuts in his turnaround efforts.

Bank of America Corp (BAC)

BAC stock has flatlined in 2017, despite considerable fanfare to the contrary heading into the year. Bank of America was supposed to rally throughout the year, bolstered by a stronger dividend, stock buybacks and tax reform policies from the Donald Trump administration. But while the first two points held true, they were only enough to spur enthusiasm so far. The removal of financial restrictions and tax reform remain elusive for President Trump, and many are beginning to wonder if they will ever materialize.

What’s more, BAC options traders are beginning to feel the pinch as well. Volume on Friday came in at an above-average 361,000 contracts, and calls even accounted for an unusually high 75% of the day’s take. However, a closer look at this options activity reveals that many of those calls were sold.

Specifically, Trade-Alert.com reports that several large blocks totaling nearly 10,000 contracts each — the largest was 26,700 contracts on the September $24.50 strike — traded late on Friday at their respective bid prices. In other words, BAC options traders are either hedging their stagnant long BAC stock positions, or betting that the shares aren’t going any higher anytime soon.

Facebook Inc (FB)

In its search for more ad revenue, Facebook is finally squaring off against YouTube for your viewing dollars. The company launched Facebook Watch last week to its more than more than 2 billion users, giving them access to shows from Discovery Communications Inc. (NASDAQ:DISCA), Walt Disney Co (NYSE:DIS) and live broadcasts from Major League Baseball.

“We think our unique opportunity is around community and engaging with people on topics they love to talk about,” said Dan Rose, vice president of partnerships at Facebook.

FB options traders appeared enthused by the news. Volume rose to an above-average 233,000 contracts on Friday following the news, with calls snapping up 69% of the day’s take. What’s more, much of this activity was of the buy-to-open variety, with FB’s September put/call open interest ratio ticking lower to 0.52 from Friday’s reading of 0.53. Call traders currently have their sights set on $180, which is home to peak call OI in the September series.

General Electric Company (GE)

New Chief Executive Officer John Flannery isn’t wasting any time in setting the tone for his turnaround plan for struggling General Electric. Reports emerged late last week that Flannery is planning cuts at GE’s headquarters and other areas of the company that do not produce revenue. “The cutting is going to start and it’s going to be aggressive,” said a source with direct knowledge of the situation. Flannery has stated that his plan is to cut $2 billion in costs by the end of 2018.

The news was welcomed by GE stock and options traders alike. GE stock jumped 2.4% on Friday, while call traders dominated activity on the session. Volume rose to 145,000 contracts, more than doubling GE’s daily average. Furthermore, calls made up an above average 64% of the day’s take.

As a result, GE’s September put/call OI ratio fell to a reading of 0.73 in the wake of the added call volume, indicating buying activity. That said, there is more room on the bullish GE bandwagon, and confirmation of these job cuts could send the stock higher, confirming recent call activity.

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