Here are the top news, trends and analysis that investors need to start their trading day:

1. Stock futures drop as S&P 500 still heads for best week since November 2020

Traders on the floor of the New York Stock Exchange, March 17, 2022.

Brendan McDermid | Reuters

US stock futures fell on Friday as the S&P 500 was tracking to break a two-week losing streak and advance for its best weekly performance since November 2020. With the Fed’s first rate hike since 2018 out of the way, the Dow on Thursday posted four consecutive sessions. The average 30 stocks are set to break five consecutive weeks of losses, with the best weekly gain since November 2020. The S&P 500 and Nasdaq both rose on Thursday for three consecutive sessions. The Nasdaq has been on track for a first week rally in the past three, with its best weekly performance since February 2021.

2. Fed Bullard says the central bank should raise interest rates above 3% this year

James Pollard

Olivia Michael | CNBC

3. Biden, Xi will speak for the first time since Russia attacked Ukraine

A screen shows Chinese President Xi Jinping attending a virtual meeting with US President Joe Biden via video link, at a restaurant in Beijing, China on November 16, 2021.

Tingshu Wang | Reuters

US President Joe Biden and Chinese President Xi Jinping are scheduled to speak Friday at 9 a.m. ET, the first contact between the two leaders since Russia’s invasion of Ukraine in late February. Much Chinese state media coverage focused on the negotiations between Moscow and Kiev, without describing the conflict as an invasion or war, while blaming the United States for “fueling” tensions. State media advertisements regarding the Xi Biden call did not specifically mention Ukraine, while the White House announcement included it as a planned topic for discussion.

4. The Ukrainian cities of Kyiv and Lviv suffer from new missile strikes and artillery shelling

Police and military personnel stand in front of an apartment complex badly damaged by a Russian attack on March 18, 2022 in Kyiv, Ukraine.

Chris McGrath | Getty Images

Russian forces continued their attack on Ukrainian cities, on Friday, with new missile strikes and the bombing of Kyiv and the western suburbs of Lviv. Ukrainian President Volodymyr Zelensky early Friday thanked Biden for the additional military assistance but declined to specify how the money would be used. This week, both Ukraine and Russia reported some progress in the negotiations. Zelensky said he would not reveal Ukraine’s negotiating tactics.

5. GameStop swings into a quarterly loss, shares in Primarkt decline

Norfoto | Norfoto | Getty Images

GameStop shares tumbled nearly 9% in premarket trading Friday, the morning after the video game retailer suffered an unexpected quarterly loss due to supply chain challenges. GameStop refused to provide any forward guidance. On a post-earnings call, CEO Matt Furlong said GameStop is still in the early days of its transformation. The company said it will launch a marketplace for non-fungible tokens by the end of the second quarter. It is also launching a redesigned app, establishing relationships with computer game brands and attracting new members to its rewards program.

– CNBC reporters Yun Lee, Jeff Cox, Tanaya Machel, Jesse Pound, Evelyn Cheng and Melissa Rybko, as well as The Associated Press contributed to this report.

open an account now For the CNBC Investing Club to follow Jim Cramer’s every arrow move. Follow the actions of the wider market like a pro CNBC PRO.