5 things to know before the stock market opens Friday

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

President Donald Trump said late last night that he is ending all U.S. trade negotiations with Canada over an ad aired by Ontario’s provincial government featuring the voice of former President Ronald Reagan.

In the ad, Reagan is heard speaking negatively about tariffs and their impact on Americans. The Ronald Reagan Presidential Foundation and Institute said the ad misrepresents Reagan’s 1987 remarks, which it said were edited without permission.

Trump accused Canada of trying to use the ad to influence the pending Supreme Court case that could determine the fate of many of his tariffs. Ontario Premier Doug Ford said earlier this month that the province was spending $75 million to run the ads in the U.S.

It’s finally here. After a nine-day delay thanks to the ongoing government shutdown, the Bureau of Labor Statistics will release September’s consumer price index report this morning. The index, which tracks a broad basket of goods and services, is closely followed by both Wall Street and the Federal Reserve as a gauge of inflation.

Here’s what to know:

Economists polled by Dow Jones are expecting the index to rise 0.4% from August and 3.1% year over year. Excluding volatile food and energy prices, so-called core CPI is expected to increase 0.3% on the month and 3.1% on a 12-month basis.The report was originally scheduled to be released on Oct. 15 but was delayed by the ongoing federal government shutdown, which is now the second longest shutdown in history.Economic data releases — including the all-important nonfarm payroll report — haven’t come out as scheduled since the government closure began, adding to investors’ uncertainty. Today’s CPI reading is the last major economic release expected before the Fed gathers for its policy meeting next week.Stock futures could make big swings following the release. Follow live markets updates here.

Target is cutting 1,800 corporate jobs, its first major layoffs in a decade.

The retailer will lay off about 1,000 employees and cut 800 open positions, a company spokesperson told CNBC’s Melissa Repko. Together, the equates to about 8% of the retailer’s workforce.

Target has been fighting to return to growth after years of sluggish sales. The cuts also come as incoming CEO Michael Fiddelke prepares to take the reigns from Brian Cornell next year.

Ford Motor sped past Wall Street’s expectations on both lines for the third quarter. Investors took the results well, with shares jumping more than 4% in extended trading.

However, the automaker slashed its full-year outlook, citing the impact of a fire at one of its aluminum suppliers in New York. Ford said the fire, which has hampered production of its large trucks and SUVs, is expected to cost between $1.5 billion and $2 billion.

Elsewhere in the auto industry, electric vehicle maker Rivian told employees it is laying off about 4.5% of its workforce. A source confirmed to CNBC’s Michael Wayland that more than 600 jobs will be cut.

Miami Heat guard Terry Rozier and Portland Trail Blazers head coach Chauncey Billups were arrested yesterday in connection with bombshell gambling investigations. The NBA said Rozier and Billups have been placed on immediate leave and that the league has been cooperating with authorities.

An indictment criminally charging former NBA player Damon Jones — who was also arrested Thursday — suggests that he leaked information to bettors about LeBron James and Anthony Davis while affiliated with the Los Angeles Lakers. A person familiar told CNBC that James was not aware that his information was being shared for betting.

Here are some stories we recommend reading if you have some downtime this weekend:

— CNBC’s Jeff Cox, Michael Wayland, Alex Sherman, Dan Mangan, Kevin Breuninger and Melissa Repko contributed to this report. Josephine Rozzelle edited this edition.