Stock futures dip, China drops GDP target

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New York, USA – May 8, 2018: Wall Street sign near New York Stock Exchange with flags of the United States.

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This is a live blog. Here’s what’s happening:

7:20 am: China decides not to set economic growth target for 2020

China took the unusual step of deciding not to set a target for its economic growth for 2020 thanks to the unprecedented uncertainty introduced by the Covid-19 pandemic. “Our country will face some factors that are difficult to predict in its development due to the great uncertainty regarding the Covid-19 pandemic and the world economic and trade environment,” Chinese Premier Li Keqiang said in an English-language text report.

The country’s economy contracted 6.8% in the first quarter, while unemployment has held hear historic highs thought data as recent as April suggest some recovery. Last year, China’s GDP grew by 6.1%, just making the official target range of 6% to 6.5%. — Franck, Cheng

7:15 am: Stock futures fall, point to more losses to end the week

Futures contracts tied to the major U.S. stock indexes fell in premarket trading Friday morning with Wall Street set to end an otherwise strong week with modest losses. Dow futures implied an opening dip of about 100 points while S&P 500 and Nasdaq 100 contracts suggested declines of 0.4% and 0.5% respectively. Still, the major averages remained on pace for solid weekly gains. The Dow was up more than 3% week to date and headed for its biggest one-week gain since the week of April 9. 

Trading will be suspended on Monday in the U.S. thanks to the Memorial Day holiday, — Franck

CNBC’s Evelyn Cheng contributed to this report.

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