U.S. stock futures are trending lower this morning, as Wall Street digests a deluge of data. Investors are currently mulling over President Donald Trump’s choice for Federal Reserve Chairman and awaiting the unveiling of a House Republican tax bill. Meanwhile, the Bank of England is expected to hike interest rates for the first time in a decade.

On the earnings front Tesla Inc (NASDAQ:TSLA) and Facebook Inc (NASDAQ:FB) reported earnings last night, while Apple Inc. (NASDAQ:AAPL) is slated to take the stage after the close this afternoon.

Against this crowded backdrop, Dow Jones Industrial Average futures have gained 0.07%, with S&P 500 futures up 0.02% and Nasdaq-100 futures up 0.05%.

On the options front, volume was heavy on Monday, as about 18.4 million calls and 14.6 million puts changed hands yesterday. On the CBOE, the single-session equity put/call volume ratio rose to 0.71, while the 10-day moving average held ticked lower to 0.64.

Taking a closer look at Wednesday’s options activity, Facebook and Alibaba Group Holding Ltd (NYSE:BABA) both drew heavy call volume ahead of their respective quarterly report, though both stocks are moving in opposite directions this morning. Meanwhile, United States Steel Corporation (NYSE:X) also saw a spike in call activity after beating third-quarter expectations and raising guidance.

Facebook Inc (FB)

After the close yesterday, Facebook said that third-quarter earnings rose 77% to $1.59 per share, blowing past Wall Street’s estimates by 31 cents per share. Revenue rose 47% to $10.33 billion, also topping the consensus for $9.84 billion. However, these impressive figures were overshadowed by increased spending, with Facebook saying it expects costs and expenses to grow 45% to 60% in 2018.

Concerns over spending have pushed FB stock down in premarket trading.

FB options traders were quite optimistic heading into the report, as calls made up 71% of the more than 647,000 contracts traded yesterday. Some of this seemingly bullish activity may have been profit taking ahead of the event, as the November put/call open interest ratio rose to 0.74 from 0.71 earlier in the week.

So far, FB stock appears to be holding support near $180, but a breach of this region could add fuel to the downside.

Alibaba Group Holding Ltd (BABA)

Chinese e-commerce giant Alibaba reported blowout quarterly earnings this morning, and BABA stock is up more than 3% in premarket activity.

For the quarter, Alibaba said it earned $1.29 per share, easily besting the consensus estimate for $1.04. Revenue soared 61% year-over-year to $8.29 billion, also blowing past the consensus for $7.86 billion. Among the highlights of the report, cloud computing revenue nearly doubled year-over-year to $447 million.

BABA options traders were looking for a strong quarter, as calls gobbled up 70% of the more than 451,000 contracts traded yesterday. Volume was also nearly triple BABA’s daily average.

Checking in with November options, we find that a majority of these calls were likely added in the front-month series. BABA’s November put/call OI ratio plunged from yesterday’s perch at 0.63 to today’s reading of 0.54, as calls were added at a much faster pace than puts.

Remember that Alibaba still has Singles Day on the horizon — an event that is bigger than both Black Friday and Cyber Monday for Chinese retailers.

United States Steel Corporation (X)

U.S. Steel is mounting a comeback. After the close on Tuesday, the company posted a third-quarter profit of 92 cents per share on revenue of $3.25 billion, topping expectations for 70 cents on sales of $3.07 billion. U.S. Steel also boosted its full-year guidance to $1.70 per share, above the consensus for $1.63.

X stock rose nearly 8% on the news, and is on the verge of filling in its April post-earnings gap lower. X would need to top $30 for this to happen, and it would be a considerably bullish sign for the shares.

Options traders are betting on just such a breakout. Volume yesterday rose to more than 174,000 contracts, with calls accounting for 62% of the day’s take. Looking at front-month activity, the November put/call OI ratio has fallen to a reading of 0.71. Peak call OI for the series totals more than 18,000 contracts at the now in-the-money $27 strike, but the Nov $30 call is gaining traction with more than 8,800 contracts.

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