5 things to know before the stock market opens Friday

Happy Friday. We got insight yesterday into cyclospora’s business impact from one of the companies most associated with lettuce: Sweetgreen. Shares of the salad chain are tanking in extended trading after it cut its full-year outlook, saying fears around the outbreak hurt sales.

Stock futures are higher this morning after a negative day.

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

All eyes are on July’s nonfarm payrolls report due out at 8:30 a.m. ET for the latest clues on where the labor market is heading. Wall Street’s expectations for the numbers vary significantly, meaning some investors could be in for a surprise.

Here’s what to know:

• Economists polled by Dow Jones expect the report to show a gain of 83,000 jobs last month and for the unemployment rate to hold steady at 4.2%.
• But others are anticipating headline figures far lower and warning that the unemployment rate — which is followed particularly closely by the Federal Reserve — could tick higher.
• There have been mixed signals in recent days: While jobless claims came in lower than expected Thursday, ADP reported earlier this week that private payrolls posted cooler growth than anticipated in July.
• All three major averages are on track to log a positive week, even with yesterday’s pullback. The Dow Jones Industrial Average snapped its longest winning streak in more than two months on Thursday.
• Follow live market updates here.

Iranian state news reported yesterday that U.S. and Israeli ships would be barred from the Strait of Hormuz under a new draft plan for the passageway. Oil prices jumped following the report, reversing course after a recent downturn on hopes for a forthcoming deal.

Regardless of whether crude prices stabilize, drivers should expect to continue paying higher prices for fuel into the fall. As CNBC’s Spencer Kimball reports, a global shortage in refining capacity could cause Americans to see a record Labor Day price this year.

United Wholesale Mortgage’s parent stock had its worst day on record yesterday. Shares of UWM Holdings cratered by almost 35% after the lender suspended its dividend and raised new capital.

As CNBC’s Yun Li notes, mortgage lenders have been facing one of their toughest backdrops in years. The recent rise in Treasury yields has put upward pressure on mortgage rates, in turn souring expectations for the housing market and curbing refinancing activity.

Shares of Airbnb are nearly 8% higher in premarket trading after the company beat analyst expectations on both lines and issued a stronger-than-predicted outlook for the current quarter.

The vacation booking platform said it saw strong demand “across all regions,” though its Latin American business outperformed with bookings growth of about 20%.

Speaking of vacations: For those flying to a rental property on American Airlines, you may need to shift expectations. American said it would stop upgrading frequent fliers to business class for free on many of its long domestic flights.

Two consumer companies with far different focuses put their AI strategies on display yesterday.

Savers Value Village told CNBC’s Laya Neelakandan that it is launching an AI pricing tool in hopes of keeping prices consistent and affordable as the broader segment takes off. Nearly 60 pilot stores are already using the new platform, called Thrift IQ, which CEO Mark Walsh said is aimed at making workers more productive rather than replacing them.

Meanwhile, Grindr reported a 33% year-over-year jump in revenue in the second quarter and upped its guidance for the full year — results CEO George Arison said were proof his AI strategy is working. “Our strategy has always been to use AI everywhere we can,” said Arison, whose company is testing pricing for an AI-powered companion tool.

Here are some articles to add to your weekend reading list:

— CNBC’s Jeff Cox, Sean Conlon, Spencer Kimball, Kevin Breuninger, Lim Hui Jie, Ari Levy, Laya Neelakandan and Brandon Gomez contributed to this report.

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