The jobs report, Lululemon earnings, the NFL heads to Australia and more in Morning Squawk

Happy Friday. Computing power restrictions are once again hitting gamers. If you're an Xbox Game Pass subscriber, Microsoft said that cloud time limits will go into effect later this year.

Stock futures are mixed this morning after a winning session.

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

Don't head to the beach just yet: The all-important August jobs report is due this morning. With economists expecting that just 53,000 jobs were added and the unemployment rate held steady, the question is if the low-hire trend seen this summer continues.

Here's what to know:

• Today's report follows a weaker-than-anticipated private payrolls reading from the ADP.
• Economists are wondering if the end of a humanitarian program for Haitians could drag on today's numbers.
• Prediction market traders see roughly 50-50 odds that the headline number comes in above 50,000.
• It'll be a closely watched report for the Federal Reserve, which is facing added pressure from Vice President JD Vance to lower interest rates.
• National Economic Council Director Kevin Hassett will join CNBC to discuss the results at 9 a.m. ET.
• Thanks to yesterday's rally, stocks are heading into the report on track for a winning week.
• Follow live markets updates here.

Lululemon shares plunged more than 20% this morning after the athleisure retailer's weak revenue report and outlook. In the second fiscal quarter, the company said revenue declined 4% and comparable sales slid 9%.

Interim CEO Meghan Frank blamed "negative commentary" on social media for dragging on quarterly performance. Additionally, Frank said core categories, such as leggings, slowed down more than anticipated. Lululemon's new CEO, Heidi O'Neill, takes over next week.

Zscaler easily beat expectations on both lines for the fourth fiscal quarter. The company also said revenue jumped 25% from a year ago.

As CNBC's Samantha Subin reports, Zscaler is one of several cybersecurity stocks benefitting from rising demand as a result of artificial intelligence-related risks. But the stock has underperformed the group, with shares tumbling this year even as peers reach new records.

Don't miss CEO Jay Chaudhry on CNBC's "Squawk on the Street" today at 10:10 a.m. ET. Watch live on CNBC or CNBC+.

Violent crime in the U.S. has dropped over recent decades. But a series of high-profile attacks has helped prompt a takeoff in spending on private security services.

Nearly 1.3 million Americans worked as security guards in May 2025, up 16% from 2016, according to a U.S. government report. Revenue in the private security market globally topped $50 billion in 2025, an industry broker found. At the heart of the boom is Allied Universal, a private company that reports having $23 billion in revenue and a workforce of around 800,000.

Some see the sector's growth as a sign of the times. With political and cultural tensions rising, the risk of violence can lead people to feel less safe despite falling crime rates.

The NFL will set a record next week. The San Francisco 49ers and the Los Angeles Rams are playing in Australia, marking the farthest that two teams have ever traveled for a match.

As CNBC's Alex Sherman notes, it's part of a broader international push by the U.S.-based football league. A record nine regular-season games will be played internationally this year.

Speaking of the NFL: Piper Sandler expects the start of the season to boost volumes on Rothera, a joint venture between Robinhood and Susquehanna. Robinhood confirmed Rothera has regulatory approval to provide football contracts that cover wins and spreads, according to Piper Sandler.

Here's some stories we would bookmark for the long weekend:

• Students are reconsidering their majors, career paths and industries due to AI
• Trump and Xi are set to meet in DC. Why some China watchers have low expectations
• How much every MLB team is now worth after Angels deal
• Does Medicare pay for long-term care?
• How Meta will pull off massive changes to its social media apps
• NBA suspends Clippers owner Ballmer for one year in Kawhi Leonard salary cap probe

— CNBC's Jeff Cox, Davis Giangiulio, Kevin Breuninger, Sean Conlon, Laya Neelakandan, Samantha Subin, Alex Sherman and Ananya Chetia contributed to this report.

Luke Fountain assisted in the production of this newsletter. Melodie Warner edited this edition.