The dominant two-fluid magnetohydrodynamic (MHD) stabilities of China Fusion Engineering Test Reactor upgrade phase-I baseline equilibria in presence of perfect conducting wall have been evaluated using the initial value code NIMROD. Our MHD simulations show that for equilibrium with q axis < 1, high-n edge localized modes are slightly stabilized by toroidal shear flow, and n=1 mode is found to be unstable in the core region with the characteristic of sawtooth instability. For q axis >2 equilibrium, all modes are found to be unstable but edge localized both in single-fluid and two-fluid MHD models. Specifically for n 13 modes, the two-fluid MHD model gives a slightly higher growth rate than the single-fluid MHD model, while for n>13 modes, this trend becomes the opposite, which means the two-fluid MHD model is needed for high-n mode analysis. In addition, n=1-10 modes are found to be more unstable with increasing wall position and eventually their growth rates approach values in the no-wall limit.