U.S. stock futures are pointing toward sharp losses across the board this morning, as Wall Street realizes that President Donald Trump’s political problems aren’t going away anytime soon, potentially impacting corporate tax cuts and other campaign promises.

Weakness came after The New York Times reported that Trump requested that former FBI Director James Comey stop his investigation into Michael Flynn, prompting Republicans to demand further investigation.

With the political landscape growing unsteady, futures on the Dow Jones Industrial Average have plunged 0.6%, S&P 500 futures have shed 0.58% and Nasdaq-100 futures are down 0.56%.

On the options front, it was business as usual, with volume coming in at an average 16.4 million calls and 11.9 million puts. On the CBOE, the single-session equity put/call volume ratio continued to slip lower, hitting a two-month low of 0.54. The 10-day moving average, however, paused its recent decline, holding at 0.63.

Headlining Tuesday’s options activity, Advanced Micro Devices, Inc. (NASDAQ:AMD) drew the lion’s share after unveiling its new “Epyc” datacenter-focused server chip and a 16-core processing monster CPU called “Threadripper.” Elsewhere, Canaccord Genuity lifted its price target on Apple Inc. (NASDAQ:AAPL), driving heavy call options volume, while Alibaba Group Holding Ltd (NYSE:BABA) options traders prepared for tomorrow’s fourth-quarter earnings report.

Apple Inc. (AAPL)

Canaccord Genuity offered up a mostly bullish opinion on AAPL stock yesterday. The brokerage firm lifted its price target on AAPL to $180 on the belief that iPhone sales will exceed expectations in 2018. However, Canaccord warned that Samsung (OTCMKTS:SSNLF) was eating into Apple’s iPhone share of global profits with its new Galaxy S8 smartphones.

Apple options traders chose to focus on the positive, however, with calls making up 71% of the nearly 783,000 contracts traded on the stock yesterday. What’s more, one rather bullish trader appears to have opened a “synthetic long” position on AAPL stock, buying to open the June $155 call and simultaneously selling the June $155 put, according to data from Trade-Alert.com. The spread was asked at 60 cents, or $60 per pair of contracts, mimics owning the shares and benefits as long as AAPL continues to rally.

Alibaba Group Holding Ltd (BABA)

Chinese online retailing giant Alibaba Group will step into the earnings confessional ahead of the open tomorrow morning. Wall Street is looking for earnings to rise nearly 48% year-over-year to 65 cents per share, with revenue expected to jump nearly 49% to $5.23 billion. EarningsWhispers.com puts the whisper number at earnings of 76 cents per share.

BABA stock traders had been concerned that President Trump’s America First agenda would eat into Alibaba’s push into the States, but, so far, the company has moved ahead full steam amid a red-hot Chinese e-commerce market.

BABA options traders are betting big on Alibaba’s quarterly report. On Tuesday, more than 528,000 contracts changed hands on the stock, with calls making up a hefty 72% of the day’s take. That said, the May put/call open interest ratio rests at a reserved 0.73 heading into the report, while May implieds are pricing in a post-earnings move of about 4.8%, putting the upper bound at roughly $130 and the lower bound at about $118.

Advanced Micro Devices, Inc. (AMD)

At the company’s analyst day yesterday, Advanced Micro Devices took the wraps off a pair of new chips that could give it a serious edge in key datacenter and high-end computing markets. In reference to the company’s Epyc datacenter chip, AMD CEO Lisa Su said “the single biggest growth opportunity is really in the data center over the next five years.” Meanwhile, the high-end computing CPU “Threadripper” is a desktop chip with 16-cores and is capable of running 32 threads simultaneously — i.e., considerable processing power.

The hype surrounding the new AMD offerings sent the stock more than 11.5% higher yesterday, and spurred options volume to a near-term high of nearly 1.2 million contracts. Furthermore, there was a decidedly bullish contingent in the AMD options pits, with calls snapping up 71% of the day’s take.

Looking at Trade-Alert.com data reveals some rather bullish bets in the wake of yesterday’s announcement, including a 15,000 contract block of May $12 calls, that traded at the ask of 47 cents, and a June $15/$19 bull call spread that traded for 35 cents, or $35 per pair of contracts — a spread that would need AMD to rally more than 20% just to hit breakeven.

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