5 things to know before the stock market opens Friday

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

A federal judge set a hearing for 10 a.m. ET this morning after Federal Reserve Governor Lisa Cook sued President Donald Trump over his move to fire her. While the case will likely make its way to the Supreme Court, today’s hearing marks the latest twist in a dramatic standoff that has gripped economists and investors in recent weeks.

Here’s what to know:

Cook’s lawsuit, which challenges Trump’s ability to fire her, signaled that discrepancies in her mortgage applications may have been caused by a “clerical error.”The case has been assigned to Judge Jia Cobb, a 2021 appointee of former President Joe Biden. Federal Housing Finance Agency Director Bill Pulte last night filed another criminal referral against Cook, who he last week accused of mortgage fraud. Pulte said the new referral is related to a mortgage for a condo in Cambridge, Massachusetts.Cook wasn’t the only one who received a pink slip from the White House in recent days. The Trump administration also said it fired Centers for Disease Control and Prevention Director Susan Monarez and Surface Transportation Board member Robert Primus.

Speaking of Nvidia, a financial filing yesterday revealed a fascinating fact about the chipmaker’s business: Just two of Nvidia’s clients accounted for 39% of its revenue in the second quarter.

The identities of these customers are a mystery. But as CNBC’s Kif Leswing notes, the fact that only two clients make up such a sizable chunk of Nvidia’s sales raises red flags around potential overconcentration.

In the same period a year ago, the chipmaker’s top two customers collectively represented 25% of its revenue.

Gap‘s new denim ad featuring girl group Katseye may be popping off, but its second-quarter sales didn’t.

The clothing maker slightly missed Wall Street’s revenue expectations after the bell yesterday, though it beat analysts’ earnings estimates. Gap said Athleta, its athleisure brand, had a particularly difficult quarter and warned that tariffs would hurt profits more than it previously expected.

Gap wasn’t the only retailer making headlines. CNBC’s Gabrielle Fonrouge exclusively reported yesterday that Nike is planning another round of layoffs as it fights to return to growth.

The symbiotic relationship between Microsoft and OpenAI is once again in flux.

Yesterday, Microsoft said it began publicly testing an internally built AI model that can enhance its Copilot assistant. As CNBC’s Jordan Novet reports, the move is an attempt by Microsoft to decrease its dependence on OpenAI’s models.

The two companies are increasingly competing against each other, despite Microsoft being one of OpenAI’s key backers. Microsoft has invested billions of dollars in OpenAI and uses its artificial intelligence tools in its products. At the same time, OpenAI relies on Microsoft’s cloud infrastructure to run its models but has recently turned to other providers to meet booming demand.

— CNBC’s Jordan Novet, Gabrielle Fonrouge, Kif Leswing, Sean Conlon, Dan Mangan, Erin Doherty, Annie Palmer and Jeff Cox contributed to this report.