U.S. stock futures are trending higher this morning, as Wall Street recovers from yesterday’s selloff. Tech is headlining today, as traders await a key quarterly earnings reports from Alphabet Inc (NASDAQ:GOOG, NASDAQ:GOOGL), Amazon.com, Inc. (NASDAQ:AMZN) and Microsoft Corporation (NASDAQ:MSFT). Meanwhile, the European Central Bank is set to announce its latest policy decision later this morning.

Against this backdrop, futures on the Dow Jones Industrial Average have added 0.23%, S&P 500 futures are up 0.1% and Nasdaq-100 futures have lost 0.06%.

On the options front, volume was blistering yesterday, with about 18.2 million calls and 18.7 million puts crossing the tape. On the CBOE, yesterday’s selloff drove the single-session equity put/call volume ratio sharply higher to 0.71, pushing the 10-day moving average back to a three-month high of 0.67.

Drilling down on Wednesday’s options activity, AT&T Inc (NYSE:T) was flooded with calls in the wake of Tuesday afternoon’s earnings miss, as options traders anticipate a bounce. Meanwhile, Nvidia Corporation (NASDAQ:NVDA) fell alongside Advanced Micro Devices, Inc. (NASDAQ:AMD) following AMD’s earnings, driving mixed options activity. Finally Tesla Inc (NASDAQ:TSLA) continue to attract put volume ahead of next week’s quarterly earnings report.

AT&T Inc. (T)

AT&T stock dropped nearly 4% yesterday, as Wall Street reacted to the company’s poor third-quarter earnings report and falling subscriber numbers. Not only did AT&T lose traditional pay TV subscribers, it also lost wireless subs. CFO John Stephens reassured investors during a subsequent conference call, stating that while there were signs of cord-cutting during the quarter, those pressures would lessen in the fourth quarter.

T stock options traders appeared to buy into Stephens’ reasoning, as calls dominated yesterday’s options activity. Volume topped 452,000 contracts, while calls made up 70% of the day’s take.

Looking at weekly Oct 27 options, it would appear that options traders are betting on a quick turnaround. Specifically, the Oct 27 put/call open interest ratio plunged from Tuesday’s reading of 0.42 to today’s perch at 0.36. T stock is trading roughly half-a-percent higher premarket this morning.

Nvidia Corporation (NVDA)

While Advanced Micro Devices offered up solid third-quarter results, the company said that fourth-quarter revenue would fall year-over-year — the first such decline in seven quarters. Concern rippled throughout the semiconductor sector, and NVDA stock was caught up in the selloff, shedding 2.5%.

Nvidia has an opportunity to reassure investors in two weeks when it releases its own quarterly results. Wall Street is expecting a profit of 94 cents per share on revenue of $2.36 billion — up 13.25% and 17.9%, respectively. EarningsWhispers.com places the whisper number much higher, though, at $1.02 per share.

NVDA options traders appeared a bit nervous on Wednesday, with calls only claiming 59% of the 165,000 contracts traded. What’s more, the weekly Nov 10 put/call OI ratio now rests at a lofty 1.24, with puts clearly in command. Implieds, meanwhile, are pricing in a post-earnings move of about 8.23% for NVDA stock immediately following earnings.

Tesla Inc (TSLA)

Tesla will join the earnings parade after the close on Wednesday, Nov 1. The stock has fallen hard since it’s mid-September highs, and options traders don’t see earnings providing any lift at all.

Currently, Wall Street is expecting a loss of $2.27 per share for Tesla, with revenue arriving at $2.95 billion. Last year, Tesla earned 71 cents per share on revenue of $2.3 billion.

Wednesday’s volume pointed toward low expectations, with puts making up 52% of the more than 175,000 contracts traded on TSLA stock. However, the weekly Nov 3 put/call OI ratio rests at 0.61, indicating a bullish bias. Implieds are pricing in a post earnings move of about 7% for TSLA.

As of this writing, Joseph Hargett did not hold a position in any of the aforementioned securities.