5 things to know before the stock market opens on Friday, August 25th

  • Investors are waiting for Fed Chairman Jerome Powell’s speech.
  • Subway has a new owner.
  • The Department of Justice has filed a lawsuit against SpaceX.

Here are the top stories investors need to start their trading day:

Stock futures rose slightly Friday morning as investors await Federal Reserve Chairman Jerome Powell’s speech in Jackson Hole, Wyoming. Dow Jones Industrial Average futures rose 76 points, or 0.2%. Futures linked to the S&P 500 rose 0.2%, while futures on the Nasdaq-100 rose 0.1%. The summit in Jackson Hole brings together central bankers and key financial officials from around the world, and Powell has often used the occasion to push the Fed’s policy agendas. This year, with inflation slowing and a recession looking less likely, many expect Powell to feel less of the need to steer markets and may take a more modest approach. Follow live market updates.

A person walks out of a Subway sandwich shop on Water Street on August 21, 2023 in New York City.

Michael M. Santiago | Getty Images

After a long process, the Subway chain is selling itself to private equity firm Roarke Capital, which already has more than a dozen restaurant chains in its portfolio. Through the Inspire Brands holding company, Roark owns restaurants such as Dunkin’, Buffalo Wild Wings and Jimmy John’s. Separately, under Focus Brands, the company owns Auntie Anne’s, Cinnabon, Moe’s Southwest Grill, and Schlotzsky’s, among others. Subway is bigger than all of them and has more annual sales than all but Dunkin’. The sale ends more than five decades of family ownership of the chain. Subway and Roark did not announce a price for the deal.

CEO of SpaceX and Tesla and owner of Twitter, Elon Musk attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition center on June 16, 2023 in Paris, France.

chesnut | Getty Images

The US Department of Justice has filed a lawsuit against SpaceX, alleging unfair hiring practices. The lawsuit alleges that the company discriminated against refugees and asylum seekers in its hiring practices. The Department of Justice alleges that SpaceX “falsely alleged” that export control laws limit its employment to US citizens and legal permanent residents. The agency has been investigating Elon Musk’s space company since it received a complaint about the matter in 2020.

Hugging Face located on a smartphone set up in New York on August 17, 2023.

Gabby Jones | bloomberg | Getty Images

You could say that an AI startup based in New York just got a lot of support from several tech giants. Hugging Face — named after the hugging face emoji that shows a smiling face surrounded by open hands — has raised $235 million at a valuation of $4.5 billion, a sign that the artificial intelligence boom is continuing. The company said Google, Amazon, Nvidia, Salesforce, AMD, Intel, IBM and Qualcomm all contributed to the round. Hugging Face is a more collaborative AI model than other projects. Its platform allows developers to more easily share code, models, and datasets, and use the company’s tools to run open-source AI models.

Source: Fulton County Jail

Former President Donald Trump surrendered and was booked into the Fulton County Jail in Georgia late Thursday before posting bail and leaving. He was indicted earlier this month along with 18 other defendants on state charges that he and his supporters attempted to interfere in the 2020 state presidential election. The Georgia case includes one count of racketeering and numerous counts of fraud and false statements. Trump faces four separate criminal cases, but this is the first time a photograph of him has been taken and released to the public.

CNBC’s Hakyung Kim, Jeff Cox, Amelia Lucas, Michael Sheetz, Kev Leswing, Dan Mangan and Kevin Brueninger contributed to this report.

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