Yesterday’s relief rally is set to spill over into today’s trading, as U.S. stock futures are pointed broadly higher heading into the open. Wall Street breathed a sigh of relief yesterday after centrist Emmanuel Macron’s win in the first round of the French presidential election, easing fears of an EU breakup. Meanwhile, traders are turning their eyes to corporate earnings, with McDonald’s Corporation (NYSE:MCD) and Caterpillar Inc. (NYSE:CAT) in focus this morning.

Heading into the open, futures on the Dow Jones Industrial Average are up 0.76%, with S&P 500 futures higher by 0.3% and Nasdaq-100 futures rising 0.31%.

On the options front, volume remained brisk on Monday, with about 16.6 million calls and 15.1 million puts changing hands. On the CBOE, the single-session equity put/call volume ratio dropped to 0.61 amid the French relief rally, though the 10-day moving average remained at its three-month high perch of 0.70.

Driving Monday’s most active options, Bank of America Corp (NYSE:BAC) paced the rest of the finance industry’s gains and drew heavy call volume as fears of an early EU demise waned. Elsewhere, both Microsoft Corporation (NASDAQ:MSFT) and Starbucks Corporation (NASDAQ:SBUX) drew heavier-than-normal call activity ahead of their respective Thursday quarterly earnings reports.

Bank of America Corp (BAC)

It may not have seemed like much to the average investor, but Emmanuel Macron’s win in the first round of the French presidential elections was a rather big deal — especially for the banking sector. So much so that BAC stock rallied more than 4% following the results, more than the shares jumped in the wake of Bank of America’s impressive first-quarter earnings report earlier this month.

By the close of trading, BAC had added more than 4% and topped former resistance at $23.50.

BofA options traders were also keen to take note of the situation. On Monday, more than 1.3 million contracts changed hands on BAC stock, with calls snapping up 70% of the day’s take. Taking a closer look at the activity, however, reveals that not all of yesterday’s call activity was of the buy-to-open variety.

In fact, Trade-Alert.com reports that a block of 27,400 July $26 calls were sold for the bid price of 29 cents, or $29 per contract. The $26 area is home to BAC’s multiyear highs back in March, and could provide resistance once again going forward.

Microsoft Corporation (MSFT)

The flood of corporate earnings reports ramps up considerably this week, with software behemoth Microsoft releasing its quarterly report this Thursday. Wall Street is expecting a profit of 69 cents per share on revenue of $23.44 billion, though EarningsWhispers.com places the whisper number three cents higher at 72 cents per share. MSFT stock has been in rally mode since July 2016, gaining more than 25% during this period, and another solid report this week could extend that rally.

Options traders appear to be betting on more upside for Microsoft, with calls making up 63% of the more than 453,000 contracts traded on Monday. Among the more notable trades on MSFT yesterday was a block of over 11,800 October $67.50 calls that traded at the ask price of $3.55, or $355 per contract, according to Trade-Alert.com.

As of yesterday’s close, these calls are in the money, though this particular trader needs MSFT to rally above $71.05 before October options expire in order to break even on this position.

Starbucks Corporation (SBUX)

Coffee baron Starbucks is also slated to enter the earnings confessional this Thursday, with the consensus expecting a profit of 45 cents per share on revenue of $5.42 billion. The whisper number rests at 46 cents per share. Ahead of the report, UBS released a report titled “Outlook is All Rainbows and Unicorns” for Starbucks, reaffirming its “outperform” rating, $70 price target and noting that limited-time offers, such as the Unicorn Frappuccino, would help bolster Starbucks’ bottom line.

Options traders took this bullish sentiment to heart, as calls accounted for a whopping 84% of yesterday’s more than 254,000 contracts.

What’s more, Trade-Alert.com reports that several large blocks totaling 12,000-18,000 contracts traded on the April 28 $61.50, $62.50, $63.50 and $65 strikes — all at their respective ask prices, apparently, and all marked “spread.” Without knowing the details, this appears to be a vertical call spread of some sort, designed to profit from a post-earnings rally in SBUX stock, with all contracts expiring this Friday.

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