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Here are five things you must know for Friday, Aug. 30: 

1. -- Stock Futures Rise on Renewed Trade Optimism

U.S. stock futures were higher on Friday as Beijing and Washington toned down the rhetoric and appeared willing to work toward resolving their ongoing trade battle.

Contracts tied to the Dow Jones Industrial Average rose 173 points, futures for the S&P 500 were up 19.30 points, and Nasdaq futures gained 54.50 points.

Volume on Wall Street Friday is expected to be light as Wall Street heads into the three-day Labor Day weekend.

Stocks in the U.S. finished with solid gains Thursday after Chinese trade officials said they wouldn't immediately retaliate against the latest round of tariffs announced by Donald Trump. China, however, left the door open for reprisals should negotiations between the world's two largest economies break down.

The Dow rose 326 points, or 1.25%, to close at 26,362, the S&P 500 advanced 1.27%, and the Nasdaq jumped 1.48%.

Negotiators from the U.S. and China are expected to meet in Washington in September after the the latest round of talks in July in Shanghai failed to make progress, but not before the U.S. imposes tariffs of 15% on Sept. 1 on $300 billion in goods imported from China, and an additional 30% tariffs on $250 billion in goods on Oct. 1. 

The economic calendar in the U.S. Friday includes Personal Income and Outlays for July at 8:30 a.m. ET, Chicago PMI for August at 9:45 a.m., and Consumer Sentiment for August at 10 a.m.

Earnings reports are expected Friday from Campbell Soup (CPB - Get Report) , Big Lots (BIG - Get Report) and JinkoSolar (JKS - Get Report) .

2. -- Marvell Technology Issues Weak Third-Quarter Guidance

Marvell Technology (MRVL - Get Report)  declined 6.20% to $22.70 in premarket trading Friday after the semiconductor beat analysts' second-quarter estimates for both earnings and revenue but issued weak third-quarter guidance.

Adjusted earnings for the period were 16 cents a share, beating Wall Street's estimates of 15 cents. Revenue fell 1.2% from a year earlier to $657 million but topped expectations of $650 million.

Marvell guided for third-quarter revenue of $660 million, plus or minus 3%, short of analysts' forecasts of $695 million. Adjusted earnings were forecast at 15 cents to 19 cents a share, below consensus of 21 cents.

The company blamed the macroeconomic environment and the ongoing ban on U.S. companies doing business with Chinese telecom giant Huawei for the weaker third-quarter guidance.

Storage products revenue in the quarter was $274.9 million, beating expectations of $265 million, while revenue of $329.6 million from networking, a segment that will benefit from 5G in the future, missed expectations of $337 million.

"When we bring the 5G ramp with the strategic benefits of the recent M&A activity and the near-term stabilization in storage, the potential strength of Marvell's earnings power over the next two years looks very attractive," said Jim Cramer and the Action Alerts PLUS team, which holds Marvell in its portfolio. "We believe the long term thesis is intact, it's just moving a bit slower than what we had hoped."

3. -- Ulta Sinks After Cutting Fiscal-Year Forecast

Ulta Beauty (ULTA - Get Report)  sank 24.64% in premarket trading Friday to $254.30 after the beauty retailer lowered its fiscal-year guidance to reflect "anticipated industry-wide sales headwinds" in its cosmetics business and missed earnings estimates.

Ultra said second-quarter sales increased by 12% to $1.7 billion, in line with expectations, while comparable-stores sales rose 6.2% vs. 6.5% a year earlier. Earnings in the period were $2.76 a share, 4 cents below analysts' estimates. 

However, the company reduced its outlook for the year, "to reflect the headwinds we are currently seeing in the U.S. cosmetics market," said CEO Mary Dillon.

The company is forecasting comparable-store sales growth of about 4% to 6%, down from previous estimates of 6% to 7%. Earnings were forecast in the range of $11.86 to $12.06 a share, down from previous guidance of $12.83 to $13.03. 

Ulta also is cutting costs and forecast capital expenditures of $340 million to $350 million for the year, down from $380 million to $400 million.

4. -- Disney Closes Sale of YES Network 

Walt Disney  (DIS - Get Report)  completed the sale of its 80% stake in the YES Network to an investor group that includes Amazon.com (AMZN - Get Report) and Sinclair Broadcasting (SBGI - Get Report) as well as the New York Yankees.

The sale was required as part of Disney's acquisition of Twenty-First Century Fox assets earlier this year.

The deal for the network, which broadcasts New York Yankees baseball games and Brooklyn Nets basketball games, had a total enterprise value of $3.47 billion, according to Disney.

Disney completed the required sale of 21 other regional sports networks acquired in the Fox transaction to Sinclair last week.

Disney and Amazon are holdings in 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. -- Dorian Strengthens to Category 2 Hurricane

Dorian has strengthened to a Category 2 hurricane, with winds increasing up to 105 mph, according to the National Hurricane Center. 

"Dorian is expected to become a major hurricane on Friday and remain an extremely dangerous hurricane through the weekend," the Hurricane Center said in an advisory it posted late Thursday.

The hurricane could make landfall in Florida as a category 4 storm on Monday.

"This storm looks like it could be a very, very big one indeed," Donald Trump said on Thursday, after announcing he'll cancel a trip to Poland and stay home to monitor the storm.

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