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

Tariffs aren’t stopping Walmart. The U.S.’ largest grocer and private employer hiked its full-year outlook for earnings and sales on Thursday, even as levies push up costs. The Arkansas-based retailer beat Wall Street’s expectations for second-quarter revenue, but shares of the company still dropped more than 3% before the bell. Walmart’s results mark the end of a string of earnings reports from major retailers this week — a closely watched indicator for clues into the health of American consumers. Follow live markets updates here.

As the Kansas Federal Reserve kicks off its annual policy symposium in Jackson Hole, Wyoming, the central bank continues to find itself in the spotlight. Federal Housing Finance Agency Director Bill Pulte on Wednesday accused Fed Governor Lisa Cook of mortgage fraud, saying she should resign or be fired. In response, Cook said she would not be “bullied” into leaving her job. Speaking to CNBC’s Steve Liesman in Wyoming, Kansas City Fed President Jeff Schmid said he expected Cook to “handle matters as she needs to handle them.” Schmid also told CNBC that addressing the last mile of inflation can be difficult and that “there’s a lot to be said” before the Fed’s next policy meeting in September. The central bank released minutes from its July meeting on Wednesday, which showed members were concerned about tariffs, inflation and the labor market.

After announcing a trade framework last month, the U.S. and the European Union on Thursday shared more details about the agreement. To start, the U.S. will cap tariffs on Europe’s pharma sector at 15% — significantly lower than the 250% rate Trump has threatened in recent weeks — and those tariffs will not stack on top of other EU-wide levies. Various other goods that fall under “Section 232” tariffs, such as lumber and semiconductors, will also see their rate limited to 15%. European cars and auto parts will also face a 15% levy, but only if Brussels introduces legislation to cut their industrial duties.

For the first time ever, sports fans can stream ESPN’s entire linear TV catalogue in one place. The entertainment company is launching its new flagship streaming app — also called ESPN — which will include all of the network’s live games as well as programming from ESPN2, the SEC Network and ESPN on ABC. CNBC’s David Faber will interview Bob Iger, CEO of parent company Disney, and ESPN Chairman Jimmy Pitaro at 10 a.m. ET. Watch the interview live on CNBC+ or the CNBC Pro stream.

Private equity took a trip to the mall on Wednesday. Claire’s, which earlier this month filed for bankruptcy, said it’s selling most of its North American business to PE firm Ames Watson. (Yes, Claire’s is the tween-centric fashion and jewelry chain where you or your child may have gotten ear piercings.) The companies did not share financial details of the deal, which will pause the liquidation process at most of Claire’s North American stores. Meanwhile, apparel maker Guess said it would go private by a group including Authentic Brands, which has PE backing. The deal is valued at $1.4 billion.

— CNBC’s Laya Neelakandan, Jeff Cox, Kevin Breuninger and Melissa Repko, as well as Reuters, contributed to this report.