Updated from 6:58 a.m.

NEW YORK (TheStreet) -- Here are 10 things you should know for Friday, May 29:

1. -- U.S. stock futures were tipping into negative territory as investors think over GDP numbers that show a shrinking U.S. economy.

European stocks slid backward Friday, gripped by pessimism about the chances of a resolution of the Greek debt crisis. Meanwhile, Switzerland unexpectedly announced that its economy shrank.

Asian stocks were mixed, as Tokyo's Nikkei 225 closed up for the eleventh straight day. In China, the sudden volatility of the last few days has continued. The Shanghai Composite fell slightly after Thursday's dramatic 6.2% plunge. In Hong Kong, the Hang Seng sank too.

2. -- The economic calendar in the U.S. on Friday includes Gross Domestic Product numbers at 8:30 a.m., the the Bureau of Economic Analysis' corporate profits data at 8:30 a.m., Chicago Purchasing Manager Index numbers at 9:45 a.m., and the University of Michigan's Consumer Survey Center data on consumer sentiment at 10 a.m.

3. -- U.S. stocks on Thursday closed slightly lower after bigger drops during the day.

The Dow Jones Industrial Average (DIA) dipped 0.2% to 18,126.12. The S&P 500 (SPY) closed off 0.13% to 2,120.79. The Nasdaq (QQQ) sank 0.17% to 5,097.98.

4. -- U.S. first-quarter Gross Domestic Product fell at a 0.7% rate. The general expectation was that the GDP numbers would show that the economy shrank, so the results are not a shock.

Bad weather, a beaten-down oil sector and a strong dollar all appear to have hurt the economy. The consensus estimate was that the economy contracted at a 0.8% annual rate in the quarter, so the results are slightly better than expected. 

Still, outside of the first quarter, economic signals overall are not too bad, and not very bubbly either.

5. -- Investors are sorting out the details of Thursday's announced buyout by Avago Technologies (AVGO) of fellow chipmaker Broadcom (BRCM). The $37 billion deal will likely have large repercussions in the semiconductor industry, which has already seen a large wave of mergers. The new company will be called Broadcom and will be headquartered in Singapore.

In premarket trading, Avago was rising by 1.03%, while Broadcom was rising by 0.3%.

6. -- In another deal for chipmakers, Intel (INTC) is reported to be close to making a deal to buy Altera (ALTR). Further details -- or a denial -- are likely forthcoming Friday or over the weekend.

In premarket trading, Altera stock was jumping by 5.92%, and Intel stock was rising by 0.41%.

7. -- U.S. data center operator Equinix (EQIXhas made a deal to buy U.K. rival Telecity (TLEIY) for £2.35 billion ($3.60 billion). The companies rent data storage capacity to other companies in bulk. The combined company will form Europe's largest data center business.

In premarket trading, Equinix was sinking by 0.44%.

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