U.S. stock futures are trading broadly lower this morning, leaving Wall Street in the red after the holiday break. Economic data was at the forefront of drivers for stocks this morning, until news broke of China’s tariff retaliation.

China announced tariffs on about 130 U.S. goods, including a 25% penalty on U.S. pork and 15% on fruit. The news overshadowed high expectations for U.S. manufacturing data today, and Friday’s key jobs data.

Against this backdrop, Dow Jones Industrial Average futures are down 0.53%, S&P 500 futures have fallen 0.45% and Nasdaq-100 futures have dropped 0.83%.

Turning to the options pits, calls were popular heading into the Easter break. Overall, about 18.7 million calls and 16.8 million puts changed hands on Thursday. The CBOE single-session equity put/call volume ratio fell to 0.63. The 10-day moving average held at 0.68.

Taking a closer look at Thursday’s options activity, Facebook, Inc. (NASDAQ:FB) calls saw a spark of life after CEO Mark Zuckerberg denounced a controversial 2016 memo. Elsewhere, Tesla Inc (NASDAQ:TSLA) options turned bearish after the company released additional information on the recent fatal crash. Finally, Nvidia Corporation’s (NASDAQ:NVDA) CEO Jensen Huang talked about cryptocurrencies as an important part of the company’s business.

Facebook, Inc. (FB)

Facebook stock rallied back more than 4% on Thursday, ending the first quarter on a high note. FB stock still tanked for the first quarter, and is now trading near levels last seen in June 2016.

Options traders attempted to take an optimistic look at the stock on Thursday. Volume rose to 711,000 contracts, with calls accounting for 58% of the day’s take. The activity had little effect on FB’s April sentiment readings, however. Currently, the April put/call open interest ratio rests at 0.85, in the upper 10% of all such readings taken in the past year.

Sentiment has been rocky for Facebook in 2018, but CEO Mark Zuckerberg attempted to stem some of the negativity this weekend. Zuckerberg disavowed a June 2016 memo by executive Andrew Bosworth that advocated adding users and growth at any cost. But the controversy isn’t going anywhere anytime soon, so FB stock and options traders should expect continued volatility for the shares for the time being.

Tesla Inc. (TSLA)

Last weekend’s pair of fatal autonomous car crashes weighed heavily on the artificial intelligence market. The news added to Tesla stock’s tailspin, sending the shares down to fresh 52-week lows. Over the weekend, Tesla released additional data on the crash involving a Model X SUV.

According to the company, the autopilot feature was on with adaptive cruise control follow-distance set to minimum. However, the driver reportedly ignored the vehicle’s warnings to take back control.

Prior to the new data, TSLA stock followed the market higher into the end of the first quarter. Tesla stock options traders, however, did not chase the rally. Volume rose to 318,000 contracts, with puts claiming 51% of the day’s take. What’s more, the April put/call OI ratio has ballooned to a reading of 1.22, with puts firmly in command.

That said, TSLA stock is not on the verge of oversold territory. Should Model 3 production figures come in at acceptable levels, we could see a resurgence of buying for the shares.

Nvidia Corporation (NVDA)

Despite tanking crytocurrency values, Nvidia CEO Jensen Huang doubled down on the importance of cryptos to the company’s bottom line. In an interview with Mad Money’s Jim Cramer, Huang said, “I expect blockchain, I expect cryptocurrency to be an important driver for GPUs.”

However, Huang noted that gaming, data centers and AI were much bigger businesses for Nvidia right now.

Like most stocks on Thursday, NVDA rebounded from near-term lows with a more than 4% gain. NVDA stock has held up much better than the rest of the market throughout the recent volatility, and options traders have taken note.

Volume on Thursday rose to 271,000 contracts, with calls making up 59% of the day’s take. Currently, the April put/call OI ratio rests at a lofty 0.86, but I would expect this ratio (and the May series OI ratio) to turn lower as earnings season draws nearer.

As of this writing, Joseph Hargett held no positions on any of the aforementioned securities.