U.S. stock futures are trading broadly lower this morning. Fallout from the Facebook Inc (NASDAQ:FB) and Cambridge Analytica mess continues to drag the market lower.

Furthermore, all eyes will be on the Federal Reserve this afternoon. An interest rate hike is expected, but Wall Street will be keen on whether new Chairman Jerome Powell will signal three or four hikes this year.

Heading into the open, Dow Jones Industrial Average futures are down 0.13%, S&P 500 futures have lost 0.1% and Nasdaq-100 futures have fallen 0.34%.

Turning to the options pits, volume was surprisingly anemic on Tuesday. Only about 14.6 million calls and 12.8 million puts changed hands on the session. The CBOE single-session equity put/call volume ratio ticked higher to 0.68. The 10-day moving average rose to 0.61.

Taking a closer look at yesterday’s options activity, volume surged on General Electric Company (NYSE:GE) as the stock tagged its lowest level since September 2009. Twitter Inc (NYSE:TWTR), meanwhile, saw heavy speculation over potential regulatory scrutiny. Finally, Nvidia Corporation (NASDAQ:NVDA) was call heavy after unveiling its RTX technology that enables ray-tracing for real-time rendering.

General Electric Company (GE)

General Electric stock is hemorrhaging. The shares are down 5.4% since the company’s fiscal 2017 annual report. During that time, the Dow has slipped about 2.3%. Yesterday, GE stock fell again, dropping more than 3% to tag its lowest level since Sept. 9, 2009. In the process, GE breached short-term support in the $14 region, hinting that the shares could be headed to $10 at some point in the next several months.

The drop brought a slew of GE stock options traders into the market yesterday. Volume surged to over 393,000 contracts, or nearly double General Electric’s daily average. Calls snapped up an unusually high 57% of the day’s take.

What’s more, data from Trade-Alert.com suggests that quite a bit of this activity was bullish in nature. For instance, a block of 25,000 September $16 calls were bought to open early in the session, followed by a sold block of 20,000 March $13 puts.

Those $13 puts appeared to be part of a spread involving a purchased block of 10,000 March $12 puts. If so, this would be a ratio put spread with a bullish bias where the trader profits if GE closes above $13 when March options expire. The purchased $12 puts here would be a partial hedge on a continued decline.

Twitter Inc (TWTR)

Social media stocks were hammered yesterday. Facebook’s Cambridge Analytica debacle spread fear of regulation through the sector, sending TWTR stock down more than 10% on the day. Some analysts, however, feel the Twitter stock drop was overdone, as the company is less vulnerable to potential regulation than its peers at Facebook and Snap Inc (NYSE:SNAP).

Twitter stock options traders agreed yesterday. Volume jumped to 315,000 contracts, more than tripling TWTR’s daily average. Calls accounted for 62% of the day’s take. TWTR options traders are already rather bullish, however. Currently, the April put/call open interest ratio comes in at 0.61, with calls nearly doubling puts in the back month series.

Nvidia Corporation (NVDA)

Nvidia stock bucked the downtrend yesterday. The company announced its new RTX technology that enables ray-tracing for real-time rendering in GPUs. Real-time ray-tracing was previously only used in movie production, and was considered too intensive for desktop gaming PCs. Nvidia says RTX will enable RTX for developers to achieve cinematic-quality in their video games.

The news sparked bullish activity in Nvidia stock options. Volume rose to 156,000 contracts, with calls gobbling up 63% of the day’s take. NVDA’s all-time highs have created a bit of caution in the options market, however.

Currently, the April put/call OI ratio rests at 0.84, with puts on the verge of overtaking calls among back-month options. That said, pessimism in the face of this rally could be healthy, as it indicates there is still sideline money left to push NVDA higher.

As of this writing, Joseph Hargett was long on General Electric Company (GE) stock.