U.S. stock futures are trading tentatively higher today as the Federal Open Market Committee (FOMC) concludes its two-day meeting. Wall Street is expecting interest rates to rise from 2% to 2.25%.

But the central bank’s main lending rate isn’t the real draw today. Investors will heavily scrutinize Chairman Jerome Powell’s post-meeting commentary for signs of economic weakness and further rate hikes this year.

What’s more, any mention of international trade concerns could set traders on edge, so keep your eyes peeled.

Against this backdrop, futures on the Dow Jones Industrial Average are up 0.09% and S&P 500 futures are higher by 0.14%. Nasdaq-100 futures have added 0.18%.

In the options pits, volume remained low on Tuesday, as traders wait for direction following today’s FOMC meeting announcement. Overall, about 17.4 million calls and 12.1 million puts changed hands on the session — below average for the second session in a row.

On the CBOE, the single-session equity put/call volume ratio sharply reversed course to plunge to a two-week low of 0.52. As a result, the 10-day moving average was also pulled lower, hitting a one-month low of 0.57. Readings this low have indicated increased volatility so far this year.

Options traders backed away from Advanced Micro Devices (NASDAQ:AMD) on market share concerns, while Square (NYSE:SQ) was talked up at Nomura. Nike (NYSE:NKE) options spiked ahead of earnings.

Let’s take a closer look:

Advanced Micro Devices (AMD)

Speculators are getting a bit ahead of themselves on AMD, says KeyBanc Capital Markets analyst Weston Twigg. Twigg initiated coverage on AMD at “sector weight,” noting that market share gains may not come as fast as many are expecting.

“We fear that the Street is expecting more rapid share gains than the company is likely to achieve given 12-plus month qualification times for some server chips, and we’re concerned that any moderate downtick to near-term expectations could add substantial risk to the stock after the recent run,” Twigg wrote.

AMD stock ended lower yesterday, despite rallying roughly 2.5% early in the session. Options traders reigned in activity considerably. Specifically, volume rose to only 348,000 contracts, about half of AMD’s daily average volume. Those few traders were quite bullish, however, as calls made up 60% of the day’s take.

For October, speculators are not quite as bullish as you might think, however. The October put/call open interest ratio has risen sharply in the past couple of weeks and now rests at 1.01. In other words, put open interest now equals call OI in the front-month series.

Square (SQ)

Should FAANG be FAANGS? According to one analyst, the acronym for  Facebook (NASDAQ:FB), Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), Netflix (NASDAQ:NFLX) and Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) is incomplete without Square.

On Tuesday, Nomura analyst Dan Dolev wrote that “Similar to FANG stocks that have disrupted traditional markets with massive global total addressable markets, Square’s fully cohesive solutions and rapid rate of innovation suggest that it is en route to disrupt the global payments.”

Disruption is the key here, and Square is set to wreak havoc in the global payments system — a system Square CFO Sarah Friar recently said was not serving customers properly.

SQ stock surged nearly 11% following the FAANG comparison, and options traders chased the shares higher. Volume swelled to 231,000 contracts, or nearly three times SQ’s daily average. Calls claimed an impressive 72% of the day’s take, indicating a bullish session.

However, there is plenty of room for more bulls on the speculative bandwagon. SQ’s October put/call OI raito now rests at 1.33, with puts firmly in control. With SQ breaking out above resistance at $95 to all-time highs yesterday, we could see this ratio drop sharply over the next week or so.

Nike (NKE)

Colin Kaepernik was a hot commodity when he was drafted by the San Francisco 49rs in 2011. Ultimately, Kaep failed to live up to those lofty expectations … much like he has at Nike. The company posted strong quarterly results after the close last night, but failed to live up to lofty expectations.

By the numbers, Nike said revenue rose 10% to $9.95 billion and that profits jumped 15% to $1.1 billion. Both figures topped Wall Street’s estimates. But actual expectations were much higher, especially in the wake of bullish headlines about Nike’s new Kaep-based ad campaign.

“10 percent revenue growth … it really needed to be a little bit more than that,” Stacey Widlitz, president of consulting firm SW Retail Advisors, told CNBC.

NKE options traders are going to be let down as well. Volume ahead of earnings surged to 143,000 contracts, or nearly five times Nike’s daily average. Calls made up 60% of that activity.

What’s more, the October put/call OI ratio rests at 0.65, with calls clearly favorites in the series. With NKE stock down more than 2% in pre-market trading, many of these call options are now in trouble.

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