Wall Street opens down; Nasdaq set for big weekly drop

Traders work on the floor of the New York Stock Exchange
Traders work on the floor of the New York Stock Exchange May 8, 2014. REUTERS/Brendan McDermid

NEW YORK (Reuters) - U.S. stocks dipped at the open on Friday, setting up the Nasdaq for its largest weekly decline in a month.

The Dow Jones industrial average fell 8.09 points, or 0.05 percent, to 16,542.88, the S&P 500 lost 2.2 points, or 0.12 percent, to 1,873.43 and the Nasdaq Composite dropped 13.422 points, or 0.33 percent, to 4,038.074.

(Reporting by Chuck Mikolajczak; Editing by Bernadette Baum)