U.S. stock futures are in rally mode this morning, as Hurricane Irma ripped through Florida with less destructive force than expected. Irma has been downgraded to a Category 1 hurricane this morning, as it makes its way toward Georgia.

Additionally, North Korea failed to conduct another missile test this weekend. Many had feared the company would do so in celebration of the country’s founding.

As a result of easing tensions, futures on the Dow Jones Industrial Average have surged 0.51%, S&P 500 futures are up 0.47% and Nasdaq-100 futures have soared 0.67%.

On the options front, volume was brisk on Friday, with about 14.8 million calls and 14.7 million puts changing hands. On the CBOE, the single-session equity put/call volume ratio spiked to a two-week high of 0.73, pushing the 10-day moving average a notch higher to 0.61.

Taking a closer look at Friday’s options activity, volume is rising on Apple Inc. (NASDAQ:AAPL) ahead of tomorrow’s expected release of the new iPhone 8. Meanwhile, Advanced Micro Devices, Inc. (NASDAQ:AMD) saw a bump in call activity following bullish Canaccord Genuity commentary. Finally, Home Depot Inc (NYSE:HD) saw increased options activity as traders speculated on a hurricane-related bump in sales.

Apple Inc (AAPL)

The long-awaited Apple event arrives tomorrow. The company is expected to finally take the wraps off its new iPhone 8, also known as the “Anniversary Edition.” Apple stock is received a bit of a bump this morning ahead of the event after news hit this weekend that the new iPhone would have a price-tag near $1,000.

In addition to the iPhone, Apple is expected to reveal two new iPhone products, a new Apple Watch and an upgraded version of Apple TV.

AAPL options are reacting much as you would expect, with calls flooding into the shares. Volume topped 631,000 contracts on Friday, coming in at roughly 1.3 times AAPL’s average daily volume. Furthermore, calls made up 69% of the days’ take — also well above average.

Overall sentiment among September options traders remains quite bullish, as the put/call open interest ratio for the series arrives at 0.64. Currently, September implieds are pricing in a roughly 3% move for AAPL stock heading into this Friday’s expiration.

Advanced Micro Devices, Inc. (AMD)

Broad-market pressure weighed on AMD on Friday, pushing the stock down more than 3% on the session. The decline came despite renewed bullish commentary from analysts at Canaccord Genuity. The ratings firm said that it’s long-term thesis for AMD remains intact; reiterating its “buy” rating and $20 price target.

“We believe risk/reward is still tilted toward the upside and our long-term bullish target of $1.00+ in EPS remains exceedable by 2020,” Canaccord said in its industry update on Friday.

Options traders followed the bullish commentary over AMD stock’s decline. Volume rose to 171,000 contracts, tracking well above the stock’s average trading volume. Calls, meanwhile, made up 59% of the day’s take.

Overall, the October put/call open interest ratio comes in at 0.70, with calls remaining more popular than puts in the back-month series, but just barely. It would seem that recently weak price action is taking a bit of a toll on sentiment for AMD, which could be a boon for the shares once they finally find their feet.

Home Depot Inc (HD)

While it’s still too early for many residents in Florida to begin to think about rebuilding, Wall Street traders are already looking ahead. On of the beneficiaries to the recent storms, according to recent Street banter, is Home Depot — after all, the damage from Hurricanes Harvey and Irma will need to be repaired, and HD stock should benefit from the recovery efforts.

Options traders also jumped on the HD bull train. Volume surged on Friday to 166,000 contracts, more than tripling the stock’s average daily options volume. Calls claimed 72% of the day’s take.

October options, however, tell a different story for HD. The back-month put/call open interest ratio currently resets at 1.03, with puts outnumbering calls in the October series.

What’s more, peak October put OI totals 5,900 contracts at the deep out-of-the-money $145 strike, adding an additional bearish lean to this sentiment indicator.

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