Warsh speaks from Wyoming, Old Navy's new CEO, how Taylor Farms became so massive and more in Morning Squawk

Happy Friday. President Donald Trump on Thursday signed an order that he said will rename Lake Ontario to "Lake America," prompting some déjà vu to last year's "Gulf of America" push.

Stock futures are mixed this morning following a winning day on Wall Street.

Here are five key things investors need to know to start the trading day:

Federal Reserve Chairman Kevin Warsh will deliver a keynote speech from the central bank's annual symposium in Jackson Hole, Wyoming, this morning. While his predecessors have used the time to talk about broad policy goals, economists aren't sure if Warsh will follow suit.

Here's what to know:

• A CNBC survey shows economists are hoping Warsh will give more insight into his economic views in his 10 a.m. ET speech, but respondents were split on whether the chairman should offer his view on the rate outlook.
• Speaking to CNBC's Steve Liesman yesterday, Cleveland Fed President Beth Hammack reiterated her call for higher rates, saying "now is the time to act."
• Kansas City Fed President Jeffrey Schmid acknowledged that inflation has been "stubborn" and "sticky," but he didn't go so far as backing interest rate hikes.
• Prediction market traders are placing high odds on Warsh discussing inflation and his task forces, but low odds on the Fed chief mentioning the yield curve or bond market.
• The three major averages are on track for winning weeks heading into the speech, following a positive day yesterday.
• Follow live market updates here.

Old Navy is getting a new chief executive. Parent company Gap announced yesterday that customer chief Michael Francis will take over in November for Haio Barbeito, who has been at Old Navy's helm since 2022.

As CNBC's Laya Neelakandan notes, the change marks Gap's latest effort to stage a turnaround at its Old Navy brand, which has struggled with weak sales. Gap CEO Richard Dickson told CNBC that the move was "a planned and thoughtful transition."

Shares of Gap surged more than 16% in extended trading following the personnel news and a mixed quarterly report from the retailer. While Gap's 52 cents in adjusted earnings per share beat analysts' second-quarter expectations, its $3.65 billion in revenue came in slightly below the Street's forecast.

A federal judge ruled late last night that the Pentagon illegally designated Anthropic a supply chain risk, saying that neither the Constitution nor federal statute allows the Defense Department "to impose sweeping penalties based principally on Anthropic's critique of the Administration's views."

The Pentagon's clash with Anthropic began after the AI company sought assurances that its Claude models would not be used for fully autonomous weapons or domestic mass surveillance. The DOD wanted unrestricted access to use the models for all lawful purposes. It named Anthropic a supply chain risk when talks fell apart, effectively barring defense contractors from using Anthropic's technology in work for the agency.

Thursday's ruling is a major victory ahead of the AI juggernaut's anticipated IPO, but the company remains blacklisted until a related case in Washington, D.C., is resolved.

SK Hynix broke ground on its first U.S. facility yesterday in West Lafayette, Indiana. The $4 billion factory will focus on packaging rather than manufacturing, despite pressure from American politicians on memory chipmakers to make their products stateside.

CEO Kwak Noh-Jung said the factory will make Indiana a "key" high-bandwidth memory production location by 2030. SK Hynix is currently the market share leader in HBM and is spending $720 billion to build out capacity.

As CNBC's Katie Tarasov notes, the groundbreaking of SK Hynix's new facility comes amid a boom time for its stock. The South Korean company, which made its Nasdaq debut last month, has seen its market cap increase by about sevenfold in the past year.

Taylor Farms has become one of the largest producers of fresh-cut vegetables and salads in the world. As CNBC's Brandon Gomez reports, its wide reach has put a spotlight on how industry consolidation could amplify foodborne illness issues.

The company — a staple in grocers like Walmart and Target, and in restaurants ranging from McDonald's to Taco Bell — has done more than a dozen acquisitions or investments since 2011. Consolidation can mean more reliable supply and lower labor costs, but experts say it can also bring downsides.

"The consolidation has camouflaged sources," Stephen Zagor, a restaurant consultant and adjunct associate professor at Columbia Business School, said. "It's all put in one big pot. And if that pot has now gone bad, that affects the entire downstream logistic food chain."

Here are some stories to bookmark for the weekend:

• Family offices are making a bullish bet on the stock market
• Where the Paramount merger delay leaves WBD — and what may come next
• Is the K-shaped economy ending? Finance pros weigh in
• 'We have a limited window': 116 companies, entities sign on to major AI cyber defense push
• Marc Benioff is getting his mojo back as Salesforce’s AI strength quiets skeptics
• Imax says it’s open to a sale. Why is no one buying?
• Texas Senate hopeful Talarico teams with Mark Cuban on plan to break up healthcare ‘monopolies’

— 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 assisted in the production of this newsletter. Josephine Rozzelle edited this edition.