U.S. stock futures are mixed this morning. Wall Street is digesting another round of corporate earnings ahead of a potentially volatile political weekend.
Specifically, General Electric Company (NYSE:GE) is lifting the Dow Jones Industrial Average after beating first-quarter earnings estimates. However, the political scene could heat up significantly. The Department of Justice turned over ex-FBI director James Comey’s memos detailing his conversations with President Donald Trump. Tweets are already flying this morning.
Against this backdrop, Dow futures are down 0.06%, S&P 500 futures are up 0.03% and Nasdaq-100 futures are down 0.18%.
Turning to the options pits, volume was robust on Thursday. About 20.2 million calls and 18.1 million puts changed hands on the session. The CBOE single-session equity put/call volume ratio rebounded to 0.64. The 10-day moving average held at 0.64.
Taking a closer look at Thursday’s options activity, General Electric saw a run on call options heading into this morning’s quarterly report. With GE stock up nearly 5% premarket, this appears to be smart money.
Elsewhere, Amazon.com, Inc. (NASDAQ:AMZN) was also call heavy after announcing it had 100 million Prime subscribers. Amazon reports earnings next week. Finally, someone is betting big on a Bank of America Corp (NYSE:BAC) stock rally using May options.