U.S. stock futures are roaring higher after President Donald Trump and Chinese President Xi Jinping agreed to a ceasefire in the ongoing trade war.

Here’s the money statement from CNBC’s commentary on the weekend meeting at the G-20 summit between both leaders: “Trump said the meeting went as well as it could have, noting: “We are right back on track.” Chinese state-run news outlet Xinhua said the two leaders agreed to “to restart trade consultations between their countries on the basis of equality and mutual respect.”

Against this backdrop, futures on the Dow Jones Industrial Average are up 0.98%, and S&P 500 futures are higher by 1.14%. Nasdaq-100 futures have added 1.82%.

In the options pits, optimism carried equities into the weekend with calls outdistancing puts by a wide margin. By day’s end, some 18.8 million calls and 14.5 million puts were traded. Call options’ dominance was felt at the CBOE where the single-session equity put/call volume ratio slid to 0.55, near the lower end of its 2019 range. At the same time, the 10-day moving average descended just below 0.60 to a fresh two-month low.

Options activity surged in these companies. Uber (NYSE:UBER) options trading rose alongside its breakout to record highs. Bank of America (NYSE:BAC) calls were on fire after the bank announced a massive increase in share buybacks and dividends. Finally, AT&T (NYSE:T) snapped resistance and surged to a fresh eight-month high.

Let’s take a closer look:

Uber (UBER)

Uber shares ripped to a new all-time high Friday, breaching a resistance zone which had rejected the previous two rally attempts. Volume surged during the session suggesting the breakout has staying power and boasts the support of institutional buying; 28.7 million shares traded, marking its most active day since June 5.

The bull run is continuing premarket with UBER stock up another 1.57% to eclipse Friday’s intraday high. With the stock now at an all-time high, forecasting upside targets is challenging. Just treat the path of least resistance as higher.

On the options trading front, calls were in demand all day long. Total activity zoomed to 217% of the average daily volume, with 127,191 contracts traded; 72% of the trading came from call options alone.

Implied volatility cruised higher to 45%, placing it near the 20th percentile of its one-year range.

Bank of America (BAC)

Bank stocks were on fire Friday after they survived the recent stress tests out of the Federal Reserve’s Comprehensive Capital Analysis and Review. Marquee names in the sector like Bank of America received approval for their capital plans, including increased dividend payouts and share buybacks.

Bank of America plans involved unleashing $37 billion to shareholders in the next year with the bulk of it ($30 billion) coming via buybacks. On the dividend side, the bank is raising its quarterly payout from 15 cents to 18 cents in the third quarter. Based on Friday’s closing price of $29, that works out to a 2.5% yield.

BAC stock closed up 2.8% and is up another 1.31% premarket. The surge carried it back above the 50-day moving average for the first time since early-May. While BAC remains in a neutral range on the intermediate time frame, the short-term trend is now back to pointing higher. Resistance at $31 is the next upside target.

On the options trading front, traders favored calls. Total activity grew to 217% of the average daily volume, with 440,523 contracts traded. Calls claimed 67% of the session’s sum.

Implied volatility fell to 27% placing it at the 34th percentile of its one-year range. Premiums are now pricing in daily moves of 49 cents or 1.7%.

AT&T (T)

AT&T shares roared through a critical ceiling Friday sending the telecom titan to a fresh eight-month high. Trading volumes jumped well above average on the session to confirm the breakout’s success. Despite the sharp 1.8% rally, T stock maintains a beefy 6.09% dividend yield making it a tempting target for income investors.

AT&T’s price chart suggests $34.30 is the next upside target. There is little by way of resistance between here and there.

On the options trading front, calls won the popularity contest. Activity grew to 122% of the average daily volume, with 119,803 total contracts traded. Calls accounted for 69% of the day’s take.

Implied volatility descended to 20% or the 20th percentile of its one-year range. The expected daily move based on options premiums is now 42 cents or 1.3%.

As of this writing, Tyler Craig didn’t hold a position in any of the aforementioned securities. Check out his recently released Bear Market Survival Guide to learn how to defend your portfolio against market volatility.