5 things to know before the stock market opens on Friday

Happy Friday. President Donald Trump signed an order Thursday to change the name of Lake Ontario to “Lake of the Americas,” creating a bit of deja vu for last year’s “Gulf of America” ​​push.

Stock futures are mixed this morning following the win on Wall Street.

Here are five important things investors need to know to start their trading day.

Federal Reserve Chairman Kevin Warsh will deliver the keynote address this morning at the annual Central Banking Symposium in Jackson Hole, Wyoming. While his predecessors have spent time talking about broad policy goals, economists aren’t sure Warsh will follow suit.

Here’s what you need to know:

Economists in the CNBC poll expect Warsh to offer more insight on his economic views in his 10 a.m. ET speech, but respondents are split on whether he should take a position on the outlook for interest rates.In a conversation with CNBC’s Steve Reisman yesterday, Cleveland Fed President Beth Hammack reiterated her call for a rate hike, saying, “Now is the time to act.” Kansas City Fed President Jeffrey Schmidt is “stubborn” and “persistent” in acknowledging that inflation is rising, but he stopped short of supporting rate hikes. Prediction market traders have high odds that Warsh will discuss inflation and his task force, but low odds that the Fed chief will mention the yield curve or the bond market. Following a strong day yesterday, the three major averages are on track for a winning week heading into the talk. Follow us here for live market updates.

Old Navy has a new chief executive officer. parent company gap announced yesterday that Customer Director Michael Francis will take over from Haio Barbeito, who has been at the helm of Old Navy since 2022, in November.

As CNBC’s Raya Neelakandan points out, the changes mark Gap’s latest effort to turn around the Old Navy brand, which has suffered from sluggish sales. Gap CEO Richard Dixon told CNBC that the move was a “planned and thoughtful transition.”

Gap shares rose more than 16% in after-hours trading following the personnel news and a mixed quarterly report from the retailer. Gap’s adjusted earnings per share of 52 cents beat analysts’ second-quarter estimates, but revenue of $3.65 billion was slightly below Street expectations.

A federal judge ruled late last night that the Pentagon illegally designated Anthropic as a supply chain risk, saying that neither the Constitution nor federal law allows the Pentagon to “impose significant penalties based primarily on Anthropic’s criticism of the administration’s views.”

The conflict between the Pentagon and Anthropic began after the company sought assurances that its Claude model would not be used for fully autonomous weapons or domestic mass surveillance. The Department of Defense wanted unrestricted access to use the model for any lawful purpose. When negotiations broke down, the company designated Anthropic as a supply chain risk, effectively banning defense contractors from using Anthropic’s technology in Anthropic operations.

Thursday’s ruling is a major victory ahead of the AI ​​giant’s expected IPO, but the company will remain blacklisted until related litigation in Washington, D.C., is resolved.

SK Hynix Yesterday, we held a groundbreaking ceremony for our first facility in the United States in West Lafayette, Indiana. The $4 billion factory will focus on packaging rather than manufacturing, despite pressure from U.S. politicians for memory chip makers to make their products in the United States.

CEO Kwak Noh-Jung said the plant will make Indiana a “significant” production site for high-bandwidth memory by 2030. SK Hynix is ​​currently the market share leader in HBM and has spent $720 billion to increase production capacity.

As CNBC’s Katie Tarasoff points out, the groundbreaking for SK Hynix’s new facility comes amid a boom in the company’s stock. The South Korean company, which listed on the Nasdaq last month, has seen its market capitalization increase about seven times over the past year.

Taylor Farms has become one of the world’s largest producers of fresh cut vegetables and salads. As CNBC’s Brandon Gomez reports, its wide-ranging influence has focused attention on how industry consolidation will amplify the foodborne illness problem.

The company is a staple in grocery stores such as: walmart and targetat various restaurants from mcdonalds to taco bell − Since 2011, the company has made more than a dozen acquisitions and investments. Consolidation could improve supply reliability and reduce labor costs, but experts say it could also have downsides.

“The consolidation has disguised the source,” said Steven Zagor, a restaurant consultant and adjunct associate professor at Columbia Business School. “Everything is put into one big pot. And if that pot goes bad now, it affects the entire downstream logistics food chain.”

Here are some articles to bookmark this weekend.

—CNBC’s Jeff Cox, Steve Liesman, Ananya Chetia, Sean Conlon, Lee Ying SHan, Laya Neelakandan, Ashley Capoot, Katie Tarasov and Brandon Gomez contributed to this report.

Luke Fountain helped produce this newsletter. Josephine Rozzelle edited this version.