U.S. stock futures are in a holding pattern this morning, as Wall Street awaits the results of the Federal Open Market Committee’s two-day policy meeting. While a rate hike isn’t on the table, the Federal Reserve is expected to detail how it plans to wind down its massive balance sheet. Fed Chairwoman Janet Yellen will hold a press conference following the announcement today at 2 p.m. Eastern.

With that in mind, it’s no surprise that futures on the Dow Jones Industrial Average, S&P 500 and Nasdaq-100 are all trading within a 0.04-point range this morning.

In the options pits, options traders were also reluctant to take up positions ahead of the Fed’s decision on monetary policy. Volume nosedived to about 12.1 million calls and 10.8 million puts on Tuesday. Over on the CBOE, the single-session equity put/call volume ratio expressed a bit of concern, rising to a two-week high of 0.67. The 10-day moving average held pat at 0.61.

Taking a closer look at Tuesday’s volume, Apple Inc. (NASDAQ:AAPL) saw call volume fall off its recent highs following comments from CEO Tim Cook on the iPhone X’s lofty price tag. Meanwhile, AT&T Inc. (NYSE:T) also drew low call volume amid a flurry of news including rumors it may sell its Latin America pay TV business. Finally, Nvidia Corporation (NASDAQ:NVDA) stock struggled to makes gains despite another bullish analyst comment from RBC Capital Markets.

Apple Inc. (AAPL)

While both the financial and tech media are buzzing about the $999-plus price tag for the new iPhone X, CEO Tim Cook told ABC’s “Good Morning America” he wasn’t all that concerned. “It’s a value price, actually, for the technology you’re getting,” Cook said. In downplaying the price, Cook remained unworried about the potential impact on iPhone sales, stating, “Apple has never been about selling the most of anything … Our objective is not big revenues.”

While Cook’s objective might not be big revenue, AAPL investors certainly disagree. The stock has dipped from its pre-iPhone X perch above $160, and the shares are struggling to challenge this area so far this week.

AAPL options traders have taken note, and call volume is falling as a result. On Tuesday, some 249,000 contracts traded on AAPL, numbering less than half the stock’s daily average volume. Furthermore, calls only made up 61% of the day’s take, down sharply from the 67% range heading into the iPhone event.

Options trading can be a leading indicator for AAPL stock, and in this case, the sentiment is pointing toward at least a short-term decline for the shares.

AT&T Inc. (T)

AT&T shares leapt more than 2% yesterday, as T stock reacted to consolidation rumors in the wireless market and news that the company is considering selling its Latin America pay TV unit. The latter would certainly help pay down AT&T’s hefty debt load, while the former would spell trouble for the company.

Rumors emerged yesterday that T-Mobile US Inc (NASDAQ:TMUS) is seriously considering a takeover bid for Sprint Corp (NYSE:S). According to sources, the talks are only in the preliminary stages, but a T-Mobile/Sprint tie-up could be bad news and increased competition for AT&T at a point when the company needs it the least.

Options traders, at least, can see the writing on the wall. Volume rose to 247,000 contracts on Tuesday — roughly 2.5 times the daily average — while call activity fell to just 56% of the day’s take. That said, T’s October put/call open interest ratio has fallen from its perch at 1.58 on Monday to today’s reading of 1.39.

These call adds are likely due to T’s break above its 50-day moving average, and it will be interesting to see if this bullish trend continues.

Nvidia Corporation (NVDA)

NVDA’s recent rally may be weighing on bullish investors. The stock failed to gain ground yesterday despite bullish commentary from RBC Capital Markets. RBC reiterated its “overweight” rating and boosted its price target to $205 from $175. It was the second such price target boost this week for NVDA, after Evercore SI lifted its target to $250 from $180 on Monday.

Even NVDA options bulls look a bit fatigued. Volume on Tuesday rose to only 171,000 contracts, well shy of recent peaks in activity. Furthermore, calls made up just 63% of the day’s take — also down from recent highs.

That said, NVDA stock is trading at all-time highs right now, and the shares are lingering in overbought territory. As such, some short-term options speculators may be betting on a pullback to support for NVDA, which could emerged in the $180 to $185 region.

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