U.S. stock futures are rising sharply this morning. Wall Street is looking to rebound from last week’s losses.

Stocks are rallying despite hawkish trade war rhetoric from President Donald Trump on China over the weekend. The president said that his promised $200 billion in tariffs could hit “very soon” and that he had “another $267 billion ready to go on short notice if I want.”

Despite trade concerns, futures on the Dow Jones Industrial Average are up 0.26%, while S&P 500 futures have rallied 0.3%. Nasdaq-100 futures are also broadly higher, adding 0.45% at last check.

In the options pits, volume was pretty tame on Friday. Overall, about 18.2 million calls and 16.4 million puts changed hands on the session. On the CBOE, the single-session equity put/call volume ratio dipped to 0.69, pulling back from a a two-month high. The 10-day moving average held at 0.60.

Options traders we already focused on Apple (NASDAQ:AAPL) ahead of this week’s suspected iPhone event, but President Trump upped the ante in a tweet over the weekend. Elsewhere, Tesla (NASDAQ:TSLA) stock was smoked by exiting executives and CEO Musk’s pot video. Finally, Alibaba (NYSE:BABA) is coming under pressure after co-founder and chairman Jack Ma announced his retirement.

Let’s take a closer look:

Apple (AAPL)

Apple’s suspected iPhone reveal event this Thursday is being overshadowed in the news this morning. Apple  told U.S. trade officials on Friday that a “wide range” of products would be affected by Trump’s Chinese tariffs, including the Apple Watch.

Trump responded over the weekend via a tweet saying, “Make your products in the United States instead of China. Start building new plants now. Exciting!”

AAPL stock options traders were a bit shaken on Friday. Volume rose to 797,000 contracts, or about 1.26 times Apple’s daily average. Calls claimed a mere 55% of the day’s activity, which is surprising given that an Apple event is scheduled for Thursday.

What’s more, Apple’s September put/call open interest ratio comes in at a lofty reading of 0.94. This reading is up sharply from last Friday’s reading of 0.74, indicating that Apple puts are being added at a faster rate than calls. It appears that options traders are expecting a sell-0n-the-news event following Thursday’s event.

Tesla (TSLA)

Just when you think it can’t get any weirder at Tesla, we get a video of CEO Elon Musk smoking pot and swinging a sword. The video emerged just hours before Chief Accounting Officer Dave Morton resigned and Chief People Officer Gaby Toledano said she would not return from a leave of absence. Morton had only been on the job for one month.

TSLA stock plunged more than 6% following the odd events on Friday. Options traders, too, were taken aback. Volume jumped to more than double Tesla’s daily average, with options traders favoring puts (53%) over calls (47%) by a fair margin.

This put bias is even more apparent when we pull back for a look at October options. Currently, the October put/call OI ratio sits at a reading of 2.02. In other words, there are more than twice as many puts open in the back-month series as calls, indicating a rather bearish stance by TSLA options traders.

Alibaba (BABA)

Alibaba investors are reeling a bit this morning. Over the weekend, co-founder and chairman Jack Ma announced that he would retire in September 2019. Ma led Alibaba to a massive $25 billion initial public stock offering on Wall Street in 2014, the biggest Chinese IPO to date. Eleven-year veteran and CEO Daniel Zhang is taking over the chairman position.

BABA stock, which had gained roughly 1.6% on Friday is slumping about 1.4% in premarket action this morning.

Friday’s options activity chased BABA’s rally on the session. Volume came in at 309,000 contracts, but was still just below Alibaba’s daily average — hinting at a lack of conviction in the rally. Calls claimed 80% of the day’s take.

Looking ahead, options traders remain overall bullish on BABA. The October put/call OI ratio rests at 0.61, with calls on the verge of doubling puts for the series. With Ma retiring, we could see a rise in this ratio as expectations dive amid uncertainty in the transition.

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