Updated from 5:50 a.m. EDT
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Here are five things you must know for Friday, May 12:
1. -- U.S. stock futures were slipping Friday ahead of data on consumer prices and retail sales and after the U.S. and China reached a trade deal.
The economic calendar in the U.S. on Friday includes the Consumer Price Index for April at 8:30 a.m. EDT, Retail Sales for April at 8:30 a.m., Business Inventories for March at 10 a.m., Consumer Sentiment for May at 10 a.m., and the weekly Baker Hughes Rig Count at 1 p.m.
Consumer prices in the U.S. are expected by economists to have risen 0.2% in April, while retail sales are forecast to gain 0.6% after falling 0.2% in March.
European shares traded mostly higher while Asian stocks finished Friday's session mixed. The Shanghai Composite Index rose 0.7%.
U.S. stocks on Thursday fell and the  Nasdaq broke its four-day record-making streak as a disappointing quarterly performance from Snap  ( SNAP - Get Report)  pulled tech names lower.
The Nasdaq slid 0.22%. The S&P 500 fell 0.21%, and the Dow Jones Industrial Average declined 0.11%.
2. -- U.S. Commerce Secretary Wilbur Ross said the trade deal between the U.S. and China could begin the slow process of reducing the multi-billion deficit between the world's two biggest economies.
Ross said the deal will open markets in China to U.S. beef exports by mid-July, with China gaining access to U.S. markets for its cooked poultry goods. The two countries will also look to open China's market to U.S. credit ratings firms and credit card payment services firms, officials said.
"This will help us to bring down the deficit for sure," Ross told reporters in Beijing. "You watch and you'll see."

"We're excited about U.S. trade policies and ... I think we are very happy with how we are proceeding on trade," Treasury Secretary Steven Mnuchin told reporters as he arrived for a meeting of G-7 finance minsters and central bankers Friday in Bari, Italy.

3. -- Nordstrom (JWN - Get Report) shares tumbled more than 4% in after-hours trading on Thursday after the retailer said overall profit in the first quarter rose 37% but same-store sales came in below analysts' projections.

Nordstrom earned 37 cents a share in the first quarter, compared with a year-earlier 26 cents. Net sales were $3.3 billion, compared with net sales of $3.2 billion a year earlier. Comparable-store sales fell 0.8%, more than analysts' forecasts of a decline of 0.1%.  

Earnings are expected Friday from J.C. Penney (JCP - Get Report) .

4. -- AstraZeneca (AZN - Get Report) shares traded in the U.S. jumped 4.3% in premarket trading on Friday after the drugmaker said one of its new lung cancer treatments cleared a key hurdle in clinical trials.

AstraZeneca said its durvalumab lung cancer drug, known as Imfinzi, passed a phase III trial with patients involved in chemotherapy and radiation therapy, just days after the U.S. Food & Drug Administration cleared the drug's use for patients with bladder cancer.
"These are highly encouraging results for patients with locally advanced lung cancer for whom surgery is not an option," said Sean Bohen, AstraZeneca's chief medical officer. "We look forward to working with regulatory authorities around the world to bring Imfinzi to lung cancer patients as soon as possible."
The Anglo-Swedish drugmaker received FDA approval for Imfinzi treatment of locally advanced or metastatic urothelial carcinoma (bladder cancer) under certain conditions last week.

5. -- A Delaware judge on Thursday freed Cigna (CI - Get Report) from its merger deal with Anthem (ANTM - Get Report)  .

Delaware Chancery Judge J. Travis Laster on Thursday refused Anthem's request to extend his previous order keeping the health insurer's reluctant merger partner in their $54 billion deal for another 60 days. On Monday, Anthem asked Laster to continue a ban on Cigna leaving the deal until July 7.

Cigna has asked the Delaware court to be freed from the deal and to rule that it is entitled to a $1.85 billion reverse breakup fee.
The vice chancellor did stay his order until noon on Monday, however, to allow Anthem time to decide whether to appeal to Delaware's Supreme Court. After Monday it would be up to the Supreme Court to stay Cigna's exit further.
Both a federal district court and an appeals court have supported the Department of Justice's lawsuit seeking to stop the deal but last week Anthem asked the U.S. Supreme Court to review the case.
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