5 things to know before the stock market opens Monday, August 4

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

A lot happened on Friday. Here’s a quick recap to get you caught up:

Friday marked the day President Donald Trump said his “reciprocal” tariffs would take effect. While several countries struck deals with the White House before the deadline, others are still negotiating.The all-important nonfarm payrolls report was a disappointment for July, and prior months’ data was also revised lower. The unemployment rate ticked up to 4.2%.In a stunning response to the jobs numbers, Trump fired Erika McEntarfer, who was the commissioner of the Bureau of Labor Statistics. Trump’s move was slammed by economists and market participants. McEntarfer’s predecessor, William Beach, called the action “totally groundless” and a “dangerous precedent.”Stocks tanked amid the onslaught of news, with the Dow Jones Industrial Average tumbling more than 500 points and the technology-heavy Nasdaq Composite sliding more than 2%. The SPDR S&P 500 ETF Trust (SPY) saw its highest daily trading volume going back to early April. But stock futures were higher in Monday premarket trading. Follow live market updates here.Federal Reserve Governor Adriana Kugler announced she would leave her role at the central bank. It’s seen as a win for Trump, who can now nominate a member for the committee that sets interest rates. Kugler, who was nominated by former President Joe Biden, was slated to serve until early next year.Speaking of the Fed, remember those dissenting votes on the interest rate decision last week? The two governors who broke from the majority, Christopher Waller and Michelle Bowman, explained their decisions in statements released Friday. Both said that waiting to cut rates could put the health of the economy at risk.

Berkshire Hathaway once again warned that it could be hurt by Trump’s tariffs. The Warren Buffett-led conglomerate said on Saturday that the levies could have “adverse consequences” on most — or all —of its operating businesses, in addition to the company’s equity investments. Berkshire reported a slide in operating profits from the company’s wholly owned businesses in the second quarter. The release comes as Buffett prepares to pass the baton to successor Greg Abel at year-end.

Earnings season continues this week, with nearly one-fourth of S&P 500 companies set to report. Palantir helps to kick things off Monday afternoon, followed by other names including Disney, McDonald’s, Advanced Micro Devices and Eli Lilly later in the week. With nearly two-thirds of the S&P 500 done reporting this quarter, it’s looking good: About 82% have exceeded expectations set by Wall Street, according to FactSet. CNBC Pro subscribers have access to a full schedule for the week.

Ethereum, the blockchain that’s become a well-known name among the finance and tech set, is marking 10 years of development. CNBC crypto reporter MacKenzie Sigalos chronicled its rise from experiment to full-fledged system used by Wall Street. As Sigalos points out, firms like BlackRock and Robinhood are using Ethereum’s network, helping to bolster its position as key infrastructure for the future of finance.

Restaurants looking to woo younger diners are turning up the heat. Literally. Companies from Wendy’s to Taco Bell to Cava have rolled out spicy menu items in recent months, responding to the apparent preference by the youngest generation of consumers. The new menu offerings could also help to combat a pullback in spending on restaurants expected for the summer.

— CNBC’s Jeff Cox, Brian Evans, Yun Li, Robert Hum, MacKenzie Sigalos and Krysta Escobar contributed to this report.