U.S. stock futures are are trading broadly higher this morning, as Wall Street prepares for another round of corporate earnings — one led by Netflix, Inc. (NASDAQ:NFLX) after the close. What’s more, geopolitical concerns are back in the headlines, after President Donald Trump threatened to withdraw from the Iran nuclear deal over the weekend.

Against this backdrop, futures on the Dow Jones Industrial Average are up 0.04%, while S&P 500 futures have inched 0.01% higher and Nasdaq-100 futures higher by 0.10%.

In the options pits, volume was brisk with about 15.7 million calls and 13.2 million puts crossing the tape. On the CBOE, the single-session equity put/call volume ratio slipped to 0.65, while the 10-day moving average ticked higher to 0.65 — it’s highest reading in a month.

Taking a closer look at Friday’s volume, Nvidia Corporation (NASDAQ:NVDA) saw increased call option volume after Needham lifted its price target on the company’s A.I. chips outlook. Meanwhile, Wells Fargo & Co (NYSE:WFC) dipped and puts piled due to a poor expense-related outlook. Finally, Netflix calls gained popularity as NFLX stock broke $200 ahead of today’s earnings report.

Nvidia Corporation (NVDA)

Nvidia’s has gained considerable notoriety in the past week following the release of its latest artificial intelligence semiconductor platform: Drive PX Pegasus. NVDA stock gained additional momentum on Friday, after Needham analysts reiterated a “buy” rating a boosted their price target to $250 from $200. According to Needham, “Virtually all carmakers, transportation as a service companies, as well as startups are using NVIDIA AI in the development of Level 5 vehicles.”

NVDA options traders tee’d off on the news, flooding the stock with bullish call options. Volume topped out at 217,000 contracts, with calls snapping up 67% of the day’s take. Looking out to November options, the $200 strike is the second most popular, with more than 5,900 calls in residence. Only the in-the-money $185 strike is more popular.

If NVDA’s momentum holds through this week, we could see the shares top $200 by Friday.

Wells Fargo & Co (WFC)

Expenses are a big deal for companies, but you don’t usually hear expense-related concerns popping up in relation to banking stocks. For Wells Fargo, however, that’s all analysts can talk about right now. In the company’s third-quarter earnings report, Wells Fargo said that earnings fell 19% from year-ago levels.

But that figure was overshadowed by expectations that Wells Fargo would spend 61 cents of every dollar in revenue it generates this year, and that the company would have trouble hitting next year’s cost-efficiency target.

The news send WFC stock tumbling nearly 3% and options traders scrambling for bearish puts. Volume on Friday rose to 172,000 contracts, nearly quadrupling WFC’s daily average. What’s more, puts made up 56% of the day’s take, indicating a bearish stance from WFC options traders.

Overall, the November put/call open interest ratio rests at an elevated reading of 0.84, and appears to be rising after Friday’s activity. This rise in pessimism could have negative implications for WFC stock going forward.

Netflix, Inc. (NFLX)

Netflix is slated to step into the earnings confessional after the close this afternoon, and the NFLX bulls are out in force … myself included. In pre-market action, NFLX stock is already trading north of $200, and a solid report after the close could send the shares even higher. Wall Street is expecting a profit of 32 cents per share on revenue of $2.97 billion, but subscriber growth figures will be key to NFLX’s continued rally — especially overseas growth.

Furthermore, traders will looking to see if forecasts are damaged in anyway by Netflix’s recent price hike announcement.

NFLX options traders, meanwhile, are loading up on calls ahead of tonight’s event. Volume leapt to over 212,000 contracts, roughly doubling the stock’s daily average. Calls made up 62% of the day’s take — also well above average.

Unsurprisingly, peak October call OI rests at the $200 strike, totaling more than 10,000 contracts. The next most popular strike is the October $205, where about 9,000 calls reside. NFLX should take out this next hurdle as well following a positive quarterly report this evening.

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