The jobs report, Lululemon earnings, the NFL heads to Australia and more in Morning Squawk

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

Sep 4, 2026 - 19:18

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The jobs report, Lululemon earnings, the NFL heads to Australia and more in Morning Squawk

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Happy Friday. Computing power restrictions are once again hitting gamers. If you're an Xbox Game Pass subscriber, Microsoft said that cloud time limits will go into effect later this year.

Stock futures are mixed this morning after a winning session.

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

1. Labor Day

A job seeker at a job and resource fair in Los Angeles, California, on July 29, 2026.

Patrick T. Fallon | Afp | Getty Images

2. Sour lemon

Shoppers walk past a Lululemon store at a shopping mall on June 21, 2026, in Hong Kong, China.

Cheng Xin | Getty Images

Lululemon shares plunged more than 20% this morning after the athleisure retailer's weak revenue report and outlook. In the second fiscal quarter, the company said revenue declined 4% and comparable sales slid 9%.

Interim CEO Meghan Frank blamed "negative commentary" on social media for dragging on quarterly performance. Additionally, Frank said core categories, such as leggings, slowed down more than anticipated. Lululemon's new CEO, Heidi O'Neill, takes over next week.

3. Scaling up

Zscaler easily beat expectations on both lines for the fourth fiscal quarter. The company also said revenue jumped 25% from a year ago.

As CNBC's Samantha Subin reports, Zscaler is one of several cybersecurity stocks benefitting from rising demand as a result of artificial intelligence-related risks. But the stock has underperformed the group, with shares tumbling this year even as peers reach new records.

Don't miss CEO Jay Chaudhry on CNBC's "Squawk on the Street" today at 10:10 a.m. ET. Watch live on CNBC or CNBC+.

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4. Not-so-secret security

An Allied Universal Special Police officer keeps watch as a Washington Metropolitan Area Transit Authority red line train arrives at the NOMA-Gallaudet U metro station in Washington, July 26, 2026.

Al Drago | Getty Images

Violent crime in the U.S. has dropped over recent decades. But a series of high-profile attacks has helped prompt a takeoff in spending on private security services.

Nearly 1.3 million Americans worked as security guards in May 2025, up 16% from 2016, according to a U.S. government report. Revenue in the private security market globally topped $50 billion in 2025, an industry broker found. At the heart of the boom is Allied Universal, a private company that reports having $23 billion in revenue and a workforce of around 800,000.

Some see the sector's growth as a sign of the times. With political and cultural tensions rising, the risk of violence can lead people to feel less safe despite falling crime rates.

5. Passing yards

Brock Purdy #13 of the San Francisco 49ers scrambles with the ball looking to pass against the Detroit Lions during the second quarter of an NFL football game at Levi's Stadium on December 30, 2024 in Santa Clara, California.

Thearon W. Henderson | Getty Images

The NFL will set a record next week. The San Francisco 49ers and the Los Angeles Rams are playing in Australia, marking the farthest that two teams have ever traveled for a match.

As CNBC's Alex Sherman notes, it's part of a broader international push by the U.S.-based football league. A record nine regular-season games will be played internationally this year.

Speaking of the NFL: Piper Sandler expects the start of the season to boost volumes on Rothera, a joint venture between Robinhood and Susquehanna. Robinhood confirmed Rothera has regulatory approval to provide football contracts that cover wins and spreads, according to Piper Sandler.