GoKawiilThis is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. 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 speaks during a news conference at the William McChesney Martin Jr. Federal Reserve Board Building in Washington, July 29, 2026. Brendan Smialowski | Afp | Getty Images
2. Out with the old
A general view of an Old Navy store. Gap Inc.
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.
3. Anthropic's court win
Thomas Fuller | Lightrocket | Getty Images
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.
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4. Breaking ground
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