U.S. stock futures are trading broadly lower this morning, as Wall Street worries about a deepening decline. Both the S&P 500 Index and the Dow Jones Industrial Average are coming off their first weekly losses in two months, as stocks retreat from lofty valuations. Washington remains front and center, as Congressional Republicans continue to flounder over a tax reform deal that has grown increasingly unpopular among constituents.

Against this backdrop, Dow futures are down 0.34%, S&P 500 futures are down 0.28% and Nasdaq-100 futures have shed 0.39%.

On the options front, puts gained in popularity on Friday, with about 16.5 million calls and 15.3 million puts crossing the tape. On the CBOE, the single-session equity put/call volume ratio arrived at 0.66, with the 10-day moving average ticking higher to 0.64.

As for Friday’s options activity, Nvidia Corporation (NASDAQ:NVDA) drew heavy call volume in the wake of blowout third-quarter earnings. Meanwhile, JD.com Inc(ADR) (NASDAQ:JD), which also reported earnings this morning, and Alibaba Group Holding Ltd (NYSE:BABA) were active ahead of Singles Day, the biggest shopping day of the year in China.

Nvidia Corporation (NVDA)

Nvidia said Friday morning that it earned $1.33 per share in the third quarter, blowing past the consensus estimate for 95 cents per share. Revenue came in at $2.64 billion, up 32% year-over-year and handily beating expectations for $2.37 billion. “We had a great quarter across all of our growth drivers,” said CEO Jensen Huang in the company’s press release.

NVDA stock jumped more than 5% following the news, and options traders loaded up on calls while chasing the rally. Volume leapt to 484,000 contracts, nearly quadrupling the stock’s daily average. However, calls only made up 56% of the day’s take.

This lack of enthusiasm from options traders is reflected in the November put/call open interest ratio, which now rests at 0.94 for NVDA. Despite the strong showing in the earnings confessional, options traders appear to be betting on a retreat for NVDA heading into Friday’s November options expiration.

JD.com Inc (ADR) (JD)

While Alibaba continues to dominate the Chinese e-commerce scene, JD.com showed that it, too, can throw around big numbers when it comes to revenue and earnings. This morning, JD.com said it earned a net profit of 1 billion yuan ($151 million) in the most recent quarter — its highest ever quarterly profit. Revenue came in at 83.8 billion yuan. Analysts were expecting a loss of 213 million yuan on revenue of 83.6 billion yuan.

What’s more, JD.com reported that Singles Day sales rose 50% year-over-year to $19.1 billion, right on the heels of Alibaba’s sales of $25 billion.

JD stock is up more than 5% premarket, a fact that bullish options traders will be happy about. Volume on Friday rose to 208,000 contracts for JD stock, with calls gobbling up 73% of the day’s take. What’s more, JD options traders are looking for follow through buying this week, as the November put/call OI ratio of 0.45 is extremely call heavy.

Currently, there are more than 40,000 calls open at the Nov $40 strike for JD stock, with another 32,000 open at the overhead $42 strike.

Alibaba Group Holding Ltd (BABA)

While JD.com posted solid Singles Day sales, the company’s total was spread out over the period between Nov. 1 and Nov. 12. Alibaba, however, raked in $25 billion in sales on Singles Day alone, setting a single day record for the China’s largest e-commerce company. Sales were up 39% year-over-year.

“It represents the aspiration for quality consumption of the Chinese consumer, and it reflects how merchants and consumers alike have now fully embraced the integration of online and offline retail,” Alibaba Group CEO Daniel Zhang said in a statement.

Options traders geared up ahead of time, sending nearly 200,000 contracts across the tape on BABA stock on Friday. Calls made up 70% of the day’s take. What’s more, there is a heavy bullish bias heading into November expiration on Friday, with the put/call OI ratio rests at 0.55.

The most popular BABA November call remains the in-the-money $180 strike, with roughly 36,000 contracts open. However, the out-of-the-money $190, $195 and $200 strikes all sport OI of more than 20,000 contracts heading into expiration this Friday.

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