U.S. stock futures are slumping this morning. The Commerce Department reported that non-farm payrolls increased by 201,000 in August. The unemployment rate came in at 3.9%.

Still, trade concerns along with weakness in the tech sector are weighing on market sentiment. Congress has indicated it may work against any North American trade deal that doesn’t include Canada. What’s more, a quick resolution to the U.S./China trade war is growing dimmer by the day.

Concern is apparent heading into the open. Futures on the Dow Jones Industrial Average are down 0.45%, while S&P 500 futures have slipped 0.74%. Nasdaq-100 futures are also lower, dropping 21% amid continued concern of a tech crash and weakness in semiconductors.

In the options pits, put volume ticked higher on Thursday. About 19.5 million calls and 18.2 million puts changed hands on the session. On the CBOE, the single-session equity put/call volume ratio hit a two-month high of 0.74 due to yesterday’s put volume surge. The 10-day moving average was pulled higher as a result, hitting a two-week high of 0.6.

Options traders were drawn tech like moths to the flame yesterday. Advanced Micro Devices (NASDAQ:AMD) saw an influx of call activity as the shares retreated from 12-year highs. Micron Technology (NASDAQ:MU) was also call heavy despite cautious CFO comments at an industry trade show. Finally, Twitter (NYSE:TWTR) also attracted a fair amount of calls following CEO Dorsey’s Senate testimony.

Let’s take a closer look:

Advanced Micro Devices (AMD)

On Wednesday, AMD stock soared to a fresh 12-year high following bullish comments from analysts at Bank of America. BofA lifted its price target on AMD to $35 from $25 noting that AMD had a significant manufacturing advantage over industry rival Intel (NASDAQ:INTC).

Yesterday, AMD stock rolled over from those highs amid another sharp downturn in the technology sector. The drop was a sell-on-the-news event, arriving just after AMD announced a new Zen-based Athlon desktop processor optimized for PC users.

Options traders appeared unwilling to give in, however. Volume surged to more than 510,000 contracts, with calls claiming 65% of the day’s take. What’s more, call open interest has risen as a result of the recent influx of bullish bets.

The September put/call open interest ratio dipped to 0.94 from Wednesday’s reading of 1.02.  In other words, despite AMD trading at 12-year highs, options traders appear to be betting on a continued run higher.

Micron Technology (MU)

MU stock plunged more than 9.8% on Thursday after CFO Dave Zinsner offered cautious commentary at an industry trade show in New York. Zinser warned that capital equipment spending requirements are higher, but said that Micron would “get ahead of its skis” with its spending. Following the comments, analysts at Baird slashed their price target to $75 from $100 and Morgan Stanley told clients that memory chip markets have deteriorated in recent weeks.

As with AMD, MU options traders were not swayed. Volume on Thursday jumped to over 689,000 contracts, or nearly three times MU’s daily average. Calls claimed 63% of the days take, indicating bullish activity.

Overall, MU options traders are even more bullish than AMD’s. The September put/call OI ratio has plunged to within reach of a near-term low at 0.51. As a result, call options roughly double puts, setting up a conflict between MU’s price action and options traders’ expectations.

Twitter (TWTR)

Government regulation is coming. That’s the takeaway from the recent testimony from social media giants and the Senate Intelligence Committee. Twitter’s CFO Jack Dorsey and Facebook (NASDAQ:FB) COO Sheryl Sandberg both testified before the committee this week.

In his testimony, Dorsey said that Twitter was “unprepared and ill-equipped for the immensity of the problems we’ve acknowledged,” such as abuse, harassment and propaganda. The Senate body noted that while social media companies had  “come a long way with respect to recognizing the threat,” the government would have to act to address these challenges.

TWTR stock dropped nearly 6%, and yet, options traders were still broadly bullish on the stock. In fact, calls claimed 61% of the more than 240,000 contracts traded on TWTR stock yesterday.  Furthermore, the September put/call OI ratio comes in at 0.53, with calls clearly a favorite among TWTR speculators.

With TWTR testing support near $30 this week, it will be interesting to see how long this bullish contingent holds out.

As of this writing, Joseph Hargett held no position in any of the aforementioned equities.