Here are five things you must know for Friday, June 28:

1. -- Stock Futures Rise as Trump and Xi Are Set to Meet

U.S. stock futures rose Friday, the final trading day of the second quarter, with investors in a cautious mood as they await news from a key meeting between President Donald Trump and his Chinese counterpart, Xi Jinping, at the G-20 summit in Osaka, Japan.

Trump is expected to speak with Xi for about 90 minutes beginning at 10:30 p.m. ET, according to White House officials. Trade will be the focus of their long-awaited meeting, as the U.S. and China look to revive a budding agreement that collapsed in May amid accusations of China's "backsliding" by the United States and "bullying" tactics from Washington.

White House economic advisor Larry Kudlow told Fox News there were no pre-conditions to the meeting, adding that "we believe it's quite possible if the meeting goes well that the Chinese will come back to the negotiating table and we might be able to pick up where we left off in May."

Contracts tied to the Dow Jones Industrial Average rose 84 points, futures for the S&P 500 gained 7.85 points, and Nasdaq futures were up 8 points.

The economic calendar in the U.S. on Friday includes Personal Income and Outlays for May at 8:30 a.m. ET. The report includes the Personal Consumption Expenditures price index, the Federal Reserve's favored inflation gauge. The core PCE index is expected to rise 0.1% in June.

The calendar also includes Chicago PMI for June at 9:45 a.m., and Consumer Sentiment for June at 10 a.m.

Constellation Brands (STZ) - Get Report is scheduled to report quarterly earnings on Friday.

2. -- Jony Ive, Designer of the iPhone, to Leave Apple

Apple's  (AAPL) - Get Report  chief design officer, Jony Ive, will be leaving the tech giant to start an independent design firm.

Shares of Apple, which will be one of Ive's firm's primary clients, declined 0.81% in premarket trading Friday to $198.12.

Ive has been with Apple since 1992, shepherding landmark efforts in iMac, iPod, iPhone and interface design. In 2012, Ive, a native of the United Kingdom, was knighted for his work. He was a fixture of Apple's presentations introducing new products over the years.

He was described as Apple co-founder Steve Jobs' "spiritual partner" by Walter Isaacson in his biography of Jobs.

"Jony is a singular figure in the design world and his role in Apple's revival cannot be overstated, from 1998's groundbreaking iMac to the iPhone and the unprecedented ambition of Apple Park, where recently he has been putting so much of his energy and care," said CEO Tim Cook. "Apple will continue to benefit from Jony's talents by working directly with him on exclusive projects, and through the ongoing work of the brilliant and passionate design team he has built."

"While I will not be an employee, I will still be very involved (with Apple) I hope for many, many years to come," Ive told the Financial Times. "This just seems like a natural and gentle time to make this change."

Apple said design team leaders Evans Hankey, vice president of industrial design, and Alan Dye, vice president of human interface design, will report to Jeff Williams, Apple's chief operating officer, following Ive's departure.

Apple is a holding in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

3. -- Nike Posts Rare Earnings Miss on Higher Marketing Costs

Nike (NKE) - Get Report  fell 0.49% in premarket trading Friday to $83.25 after the sports apparel giant reported a rare earnings miss as marketing costs offset solid sales gains.

The company posted fiscal fourth-quarter earnings of 62 cents a share, falling short of estimates of 66 cents. Revenue rose 4% to $10.2 billion, just ahead of forecasts of $10.16 billion. Sales in China surged 15.5% to $1.7 billion.

Nike's higher marketing costs, resulting from a host of high-profile campaigns including last year's 30th Anniversary ads with the controversial former NFL quarterback Colin Kaepernick, were $3.4 billion in the quarter, up 9%.

"Our SG&A growth in fiscal year '19 was a function of accelerating the investments required to drive transformation while gaining leverage in our core legacy expenditures," Chief Financial Officer Andy Champion told investors on a conference call. "We are editing and shifting to gain leverage most notably within our geographies, where we're creating differentiated consumer experiences leveraging digital while optimizing on differentiated retail."

"One key financial measure that reflects Nike's unrivaled ability to turn strategic investment into competitive advantage and growth is return on invested capital. In fiscal year '19 Nike's industry leading adjusted ROIC expanded over 400 basis points," he added. "Going forward, we see continued strong growth, expanding margins, and high returns on invested capital as we drive strategic transformation at Nike through the consumer direct offense."

4. -- Fed Clears Capital Plans for the 18 Biggest U.S. Banks 

The Federal Reserve cleared the 18 biggest U.S. banks to pay out billions of dollars of capital to shareholders as dividends and stock buybacks, after declaring they could survive a severe recession with financial strength to spare.

JPMorgan Chase (JPM) - Get Report , Citigroup (C) - Get Report , Bank of America (BAC) - Get Report and Goldman Sachs (GS) - Get Report passed the Fed's annual stress tests, as did U.S. subsidiaries of foreign banks like Barclays (BCS) - Get Report and Deutsche Bank (DB) - Get Report , a statement from the central bank said.

The Fed did, however, single out Swiss bank Credit Suisse (CS) - Get Report for "certain limited weaknesses" in its capital-planning processes.

"The stress tests have confirmed that the largest banks are both well capitalized and place a high priority on strong capital planning practices," the Fed's vice chairman for supervision, Randal Quarles, said in the statement.

The annual tests, mandated as part of the 2010 Dodd-Frank Act, are used by regulators to gauge the financial strength of giant U.S. banks whose collapse could put the global financial system and markets at risk.

In a series of press releases after the Fed published its statement, the biggest U.S. banks disclosed their plans for dividends and stock buybacks from the third quarter of 2019 through the second quarter of 2020.

JPMorgan, the largest U.S. bank, said it will boost its quarterly dividend to 90 cents a share from 80 cents, while buying back about $29.4 billion of its own shares.

Bank of America, Citigroup and Goldman Sachs also said they would be increasing their dividends and buying back shares.

Even Wells Fargo, which is currently operating under tough sanctions from the Fed for allegedly abusive sales practices, passed the test. The bank disclosed its intention to buy back $23.1 billion of stock and increase its quarterly dividend to 51 cents a share from 45 cents.

JPMorgan, Citigroup and Goldman Sachs are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stocks? Learn more now.

5. -- RealReal Raises $300 Million in IPO

RealReal, the online marketplace for used luxury goods, sold 15 million shares at $20, higher than the expected range of $17 to $19, and raised $300 million.

Stock of RealReal will begin trading Friday on the Nasdaq Stock Market under symbol " (REAL) - Get Report ."

RealReal bills itself as the "the world's largest online marketplace for authenticated, consigned luxury goods."

The company reported a first-quarter loss of $23.2 million on revenue of $69.3 million, up 49% from a year earlier.

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