Here are five things you must know for Friday, March 16: 

1. -- Stocks Mixed on Reports of More White House Turmoil 

U.S. stock futures were mixed Friday, March 16, with investors reacting to reports of more White House turmoil and braced for news of new tariffs on China in the world's brewing trade war.

Contracts tied to the Dow Jones Industrial Average fell 24 points, while those linked to the S&P 500 rose 0.25 points.

Reports that special counsel Robert Mueller has subpoenaed documents from Donald Trump's businesses that may have ties to Russia, along with speculation that National Security Adviser H.R. McMaster could be next to depart the White House, kept markets defensive. Asian finished the session to the downside while European shares traded mixed.

Stocks ended mixed on Thursday, March 15, as investors continued to fret over the potential for a global trade war.

The Dow finished up 115 points, or 0.47%, to 24,873. The S&P 500 declined 0.08% and the Nasdaq was down 0.20%. 

The economic calendar in the U.S. on Friday includes Housing Starts for February at 8:30 a.m. ET, and Industrial Production for February at 9:15 a.m.

Tiffany & Co. (TIF)  fell 0.2% in premarket trading after the jeweler posted adjusted fourth-quarter earnings that topped Wall Street estimates.

If you'd like to receive the free "5 Things You Must Know" newsletter, please register here.

2. -- Nike Brand President Resigns

Nike Inc. (NKE) said Trevor Edwards, the Nike brand president and a potential successor to CEO Mark Parker, will leave his position immediately and retire from the company in August.

In a press release, the sportswear giant didn't say why Edwards was stepping down. The Wall Street Journal, however, reported that in an internal memo to staff announcing Edwards' resignation Parker said Nike in recent weeks had received reports of "behavior occurring within our organization that do not reflect our core values of inclusivity, respect and empowerment."

Parker didn't specify the nature of the complaints or whether they involved Edwards or other executives. A Nike spokesman told the Journal there were no allegations against Edwards and declined to provide details.

Nike slipped 0.14% in premarket trading.

3. -- Broadcom Is Eager to Move on From Qualcomm

Broadcom Ltd. (AVGO)  fell 1.6% in premarket trading after the chipmaker topped earnings estimates for its fiscal first quarter and said revenue rose to $5.33 billion from $4.14 billion a year earlier.

The company said it expects second-quarter revenue of $5 billion (plus or minus $75 million) which was in-line with consensus at the midpoint.

Broadcom's earnings report and conference call didn't do anything to raise major concerns about the company's long-term earnings growth outlook, and actually provided some useful color on how the chip giant sees things evolving, wrote TheStreet's Eric Jhonsa. 

This holds not only for Broadcom's existing business, but also on the M&A front, Jhonsa wrote, where it looks as if the company is eager to move on from its thwarted bid for Qualcomm Inc. (QCOM)  and pursue new targets.

Broadcom is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AVGO? Learn more now.

"Looking forward, we will look for Broadcom to continue its approach of acquiring companies and boosting margins to drive earnings growth, and if not, the company's terrific free cash flow generation provides them with plenty of flexibility to materially raise dividends and buy back a massive amount stock as management is fully committed to increasing shareholder value," wrote Cramer and the AAP team.

4. -- Former Qualcomm Chairman Explores Bid for the Chipmaker

Speaking of Qualcomm, Paul Jacobs, the recently demoted chairman of the company, has approached several global investors in an effort to acquire the U.S. chipmaker founded by his father, the Financial Times reported.

The move came days after Donald Trump blocked Broadcom's hostile bid for Qualcomm over national security concerns.

The longtime Qualcomm director has informed members of the board about his plan to launch a buyout, according to three people with direct knowledge about the matter, the Financial Times reported.

Japanese conglomerate SoftBank Group Corp. (SFTBY) is one of the potential partners approached by Jacobs. It was unclear whether SoftBank would team up with Jacobs, although several people close to the matter told the Financial Times that Jacobs' personal ties with founder Masayoshi Son could facilitate the deal. 

Qualcomm rose 2.7% in premarket trading.

5. -- Adobe's Earnings Top Forecasts

Shares of Adobe Systems Inc. ( ADBE)  rose 4.3% in premarket trading after the software company's fiscal first-quarter earning came in higher than analysts' forecasts.
Adobe posted adjusted profit of $1.55 a share on revenue of $2.08 billion, topping forecasts that called for earnings of $1.43 a share on revenue of $2.05 billion.
This article has been updated to include earnings from Tiffany and fresh stock market prices.

Subscribe on Youtube for extended interviews, Cramer Replays, feature content, and more!

More from Futures

Oil Prices Rise as OPEC Reports Biggest Monthly Output Decline in Two Years

Oil Prices Rise as OPEC Reports Biggest Monthly Output Decline in Two Years

Economist Perspective: Government Shutdown a Prelude to Debt-Ceiling Debate?

Economist Perspective: Government Shutdown a Prelude to Debt-Ceiling Debate?

Market Movers: Tech Earnings

Market Movers: Tech Earnings

Striking Options: Global Crude Demand and Trade Tariffs

Striking Options: Global Crude Demand and Trade Tariffs

Oil Rides Record Rebound as OPEC Cuts, Trade Talks, Lift US Crude to 5-Week High

Oil Rides Record Rebound as OPEC Cuts, Trade Talks, Lift US Crude to 5-Week High