U.S. stock futures are itching to rally as Wall Street prepares for an influx of corporate earnings this week. Stocks are headed toward a positive open this morning, with earnings from Netflix, Inc. (NASDAQ:NFLX) and Bank of America Corp (NYSE:BAC) among those companies reporting today.

Finally, for economic data junkies, the New York Federal Reserve’s Empire State Manufacturing Survey for July will be released ahead of the open.

Against this backdrop, futures on the Dow Jones Industrial Average have added 0.06%, S&P 500 futures are up 0.06% and Nasdaq-100 have risen 0.15%.

On the options front, July expiration brought with it a veritable flood of call volume. Overall, about 17.2 million calls and 13.3 million puts changed hands on Friday. Turning to the CBOE, the single-session equity put/call volume ratio plummeted to a one-month low of 0.53, driving the 10-day moving average to a one-week low of 0.62.

Taking a closer look at Friday’s options activity, Nvidia Corporation (NASDAQ:NVDA) headed back toward all-time highs as ethereum prices rallied more than 9%. Meanwhile, Microsoft Corporation (NASDAQ:MSFT) saw heavy call volume as traders prepare for Thursday’s fiscal fourth-quarter earnings report. Finally, JPMorgan Chase & Co. (NYSE:JPM) options traders were also call heavy despite the stock sinking in the wake of better-than-expected earnings.

Nvidia Corporation (NVDA)

Bolstered by a rebound in ethereum prices, NVDA stock rallied 2.7% on Friday and challenged resistance in the $165 region. After plunging to a two-month low, ethereum prices showed signs of life on Friday, rallying more than 9%. The cryptocurrency scene has been a major boost for Nvidia, and a rebound in the currency was a welcome driver for NVDA.

Additionally, NVDA continued to see follow through buying in the wake of its AI tie-up with Chinese technology giant Baidu Inc (ADR) (NASDAQ:BIDU).

NVDA options activity was brisk on Friday, with more than 557,000 contracts changing hands — hitting a near-term high. Calls were the vehicle of choice, snapping up 62% of the day’s take. With July options now expired, August becomes the front month for Nvidia, sporting a put/call open interest ratio of 0.75. While a touch lower than the last July reading taken, the current August ratio still shows a bit of timidity toward NVDA as the shares draw nearer to all-time high territory once again.

Microsoft Corporation (MSFT)

Microsoft will join the earnings parade this week, and is slated to report its fiscal fourth-quarter figures after the close this Thursday. Wall Street is anticipating a profit of 71 cents per share on revenue of $24.19 billion. That said, EarningsWhispers.com indicates that the whisper number lies at 75 cents per share, a full four cents higher than the consensus.

With earnings looming, MSFT options traders are in a bullish mood. Volume topped 492,000 contracts on Friday, with calls making up 67% of the day’s take. What’s more, Trade-Alert.com reports that one trader bought to open 15,700 21 Jul $76 calls for 17 cents, or $17 per contract. This trade requires MSFT to rally roughly 4.4% by Friday’s close just to hit breakeven, and is quite a bullish play, especially with 21 Jul implieds only pricing in a post-earnings move of about 4%.

JPMorgan Chase & Co. (JPM)

JPMorgan Chase reported second-quarter earnings on Friday morning that beat Wall Street’s expectations. And yet, the shares still fell nearly 1% on the day. In case you missed the report, JPMorgan said it earned $1.82 per share, blowing past expectations for $1.58 per share. Revenue rose 4.7% to $26.41 billion, besting Wall Street’s target for $24.96 billion. However, the banking giant was tight lipped on guidance, leading to a selloff in the shares despite the solid performance.

JPM options traders were call heavy nonetheless, with these typically bullish bets making up 61% of the roughly 429,000 contracts traded on Friday. Judging from the August put/call OI ratio of 0.99, however, much of Friday’s activity may have been close out activity.

Puts still dominate JPM in the now front-month August series, as traders remain cautious as to how the bank will deal with the current political climate in Washington. Given CEO Jamie Dimon’s rant over the weekend, it’s not going very well:

“We have become one of the most bureaucratic, confusing, litigious societies on the planet,” he said. “… And at one point, we all have to get our act together or we won’t do what we’re supposed to do for the average Americans.”

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