Wall Street is set for a positive open with investors watching the Fed's Jackson Hole summit

BY THE NUMBERS

U.S. stock futures were pointing to a higher open on Wall Street after the Dow and S&P 500 logged their second straight declines and the Nasdaq broke a five-session winning streak. The Dow was slightly negative heading into Friday trading while the S&P 500 and Nasdaq were positive. (CNBC)

* No breakthrough in US-China trade talks as new tariffs kick in (Reuters)
* Farmers cautiously optimistic about progress in NAFTA talks (CNBC)

Fed Chairman Jerome Powell, under criticism from President Donald Trump, speaks in Jackson Hole at 10 a.m. ET. Central bankers are expected to hike interest rates next month and maybe again in December. The Fed already increased rates in March and June. (CNBC)

* Fed's James Bullard says he would 'stand pat' on rates for rest of the year (CNBC)

On the economic calendar, the government reports July durable goods orders. As for earnings, Foot Locker (FL) leads this morning's shortlist with better than expected profit and revenue. Quarterly same-store sales were short of estimates, putting pressure on shares. (CNBC)

Shares of Hibbett Sports (HIBB) were getting crushed by about 18 percent after the company reported an unexpected quarterly loss of six cents per share. Analysts had expected a seven-cent profit. Revenue and same-store sales also missed. Hibbett warned on outlook. (CNBC)

Shares of Gap (GPS) were falling about 7 percent in the premarket after the parent of Gap, Old Navy and Banana Republic also saw a bigger than expected decline in same-store sales. However, quarterly earnings and revenue did beat estimates. (CNBC)

Shares of Ross Stores (ROST) were losing about 5 percent in premarket trading after the discount retailer issued a weaker than expected current quarter forecast. Ross did top estimates on second-quarter earnings and revenue. (CNBC)

IN THE NEWS TODAY

Hurricane Lane, a powerful Category 3, lashed Hawaii today with high winds and torrential rain, causing flash floods, landslides and raging surf. President Trump declared a state of emergency for Hawaii. Some areas were getting in excess of 20 inches of rain. (Reuters)

The Treasury and IRS issued new rules to block blue states' attempts to circumvent the new $10,000 cap on state and local tax deductions. The limit on the so-called SALT deduction was part of last year's tax reform bill championed by Trump. (CNBC)

The Manhattan district attorney's office is looking into possible criminal charges against the Trump Organization in relation to Michael Cohen's payment to an adult film actress in exchange for her silence during the presidential campaign. (NY Times)

* Trump lawyers urge the president to postpone even considering pardons in Russia inquiry (NY Times)
* Billionaire Dem Tom Steyer seriously looking into running for president as he pushes for Trump's impeachment (CNBC)

The National Enquirer kept a safe containing documents on hush money payments and other damaging stories it killed as part of its cozy relationship with Trump leading up to the 2016 presidential election. The tabloid's chief was reportedly granted immunity by federal prosecutors. (AP)

Attorney General Jeff Sessions fired back against Trump, saying the Justice Department will not be "improperly influenced by political considerations." Earlier, Trump attacked him on television, asking "what kind of a man is this?" (CNBC)

Microsoft (MSFT) is being investigated by the DOJ and the SEC over software sales in Hungary, centering on whether intermediary firms offered bribes and kickbacks in order to sell software to the government there. Microsoft said it fired four employees and terminated relationships with four business partners. (WSJ)

Apple (AAPL) has attracted scores of employees away from Tesla (TSLA) since late 2017, including manufacturing, security and software engineers, and, more recently, supply chain experts, according to several current and former Tesla employees and LinkedIn data. (CNBC)

23andMe, which provides DNA testing kits for consumers, is telling outside app developers that they'll no longer have access to the company's raw genomic data. More than 5 million people have purchased 23andMe's at-home DNA test. (CNBC)

All alcohol consumption is bad for you, according to a report, which claims to be the most comprehensive of its kind. It pours cold water on previous reports that espouse the protective effects of alcohol under some conditions. (CNBC)

STOCKS TO WATCH

Intuit (INTU) reported better than expected earnings and revenue, while announcing a new $2 billion stock buyback and a 21 percent dividend hike. CEO Brad Smith will step down later this year, to be succeeded by Sasan Goodarzi, head of Intuit's small business group.

HP (HPQ) came in a penny above estimates with adjusted quarterly profit of 52 cents per share. Revenue also beat. The computer and printer maker raised its full-year guidance, helped by added sales from its acquisition of Samsung's printer business.

Facebook (FB) has named HP executive Antonio Lucio as chief marketing officer, replacing the retired Gary Briggs. Lucio had led HP's marketing team for the past three years.

Splunk (SPLK) reported adjusted quarterly profit of eight cents per share, three cents above estimates, while revenue also beat Street forecasts. The maker of data analytics software also raised its full-year revenue guidance.

Autodesk (ADSK) earned an adjusted 19 cents per share for its second quarter, four cents above estimates, while the design software maker also saw revenue come in above forecasts. The company did give mixed current quarter and full-year guidance.

VMware (VMW) beat estimates by five cents with adjusted quarterly profit of $1.54 per share, while the maker of cloud software saw revenue beat forecasts as well. But some analysts have expressed concern over whether strong sales growth rate can continue.

WATERCOOLER

Procter & Gamble (PG) has applied to trademark millennial-friendly internet acronyms including "LOL," "WTF," "FML" and "NBD" for use on soap and cleaning products. (NY Post)