Stock futures held mostly higher on Friday after U.S. economic growth in the first quarter slowed sharply.

S&P 500 futures were up 0.07%, Dow Jones Industrial Average futures added 0.09%, and Nasdaq futures were flat.

The U.S. economy grew at a pace of 0.7% over the first three months of the year, according to the first estimate of first-quarter GDP from the Bureau of Economic Analysis. Economists surveyed by FactSet had expected U.S. gross domestic product to rise 1.2%. The U.S. economy grew at a 2.1% pace in the fourth quarter.

The first-quarter slowdown was largely tied to conservative consumer spending. Spending rose just 0.3% from January to March, the smallest increase since 2009.

Employment costs increased 0.8% in the first quarter, while the employment cost index rose 2.4%, its best growth rate since 2008. Benefits rose 0.7%. 

Wall Street ran at two speeds on Thursday with better-than-expected earnings from PayPal(PYPL) - Get Report driving the Nasdaq to new records, while a slump in crude oil kneecapped any big gains for the rest of the market. The Nasdaq ended 0.39% higher at a new record close of 6,048.

Alphabet(GOOGL) - Get Report rose 4% in premarket trading after besting analysts' estimates on the top- and bottom-lines. Earnings of $7.73 a share soared past consensus by 35 cents a share. Revenue climbed 22.2% to $24.75 billion and exceeded estimates by $530 million. CFO Ruth Porat said the company continues to benefit "from our ongoing investments in product innovation."

Alphabetis a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GOOGL? Learn more now.

Amazon(AMZN) - Get Report climbed 3% after reporting a double-digit percentage increase in quarterly earnings on strength in its North America business. Earning of $1.48 a share came in 35 cents higher than expected. Sales climbed 23% to $35.7 billion, $400 million more than anticipated. Sales in North America grew 24%, while international sales increased 16%. 

Industry peers Microsoft(MSFT) - Get Report and Intel(INTC) - Get Report did not perform quite as well. Microsoft fell in premarket trading after missing consensus on its top-line. Adjusted earnings of 73 cents were a dime higher than a year earlier and 3 cents higher than expected. However, revenue of $22.1 billion fell short of estimates of $23.6 billion.

Intel declined 4% after quarterly sales came in short. Revenue rose 7% to $14.8 billion, though fell just shy of a target of $14.81 billion. Adjusted earnings of 66 cents a share beat estimates by a penny. Overall earnings increased 45% thanks to sales of its high-end processor chips. 

General Motors(GM) - Get Report added more than 2% on Friday after reporting a double-digit increase in net income as sales of its trucks and SUVs boosted overall results. Net income increased 34% to $2.6 billion, a record for the first quarter. Revenue climbed 11% to $41.2 billion, coming in higher than expectations of $40.3 billion. 

Expedia(EXPE) - Get Report moved lower on Friday as narrower quarterly losses missed analysts' estimates. The travel bookings site reported a net loss of 57 cents a share compared to a loss of 72 cents a share a year earlier. Adjusted earnings of 5 cents a share came in a penny below estimates. Gross bookings increased 14%, while room nights stayed grew 12%. Revenue of $2.19 billion came in above consensus of $2.14 billion. 

Exxon Mobil(XOM) - Get Report added more than 1% after a better-than-expected first quarter. Net income more than doubled to 95 cents a share. Analysts anticipated earnings of 88 cents a share. However, revenue of $63.3 billion came in below a target of $66.4 billion. Its upstream business made a comeback in the quarter, earning a profit of $2.3 billion after a loss of $76 million a year earlier. 

Starbucks(SBUX) - Get Report declined after revenue and comparable sales fell short of estimates. Second-quarter revenue climbed 6% to $5.29 billion, $120 million below consensus. Global comparable store sales increased 3%, missing a target of 3.6% growth. Sales in the Americas and U.S. increased 3.5%, also missing a target of 3.5%. Earnings were in-line with expectations. 

Starbucks is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells SBUX? Learn more now.

Other earnings reports out Friday include Barclays(BCS) - Get Report , Chevron(CVX) - Get Report , Colgate-Palmolive(CL) - Get Report , Goodyear Tire(GT) - Get Report , Honda(HMC) - Get Report , Phillips 66(PSX) - Get Report , Royal Caribbean(RCL) - Get Report , UBS(UBS) - Get Report , VF Corp(VFC) - Get Report , and Weyerhaeuser(WY) - Get Report .

Qualcomm(QCOM) - Get Report fell 2% after slashing its earnings guidance, warning that it will likely not see any revenue from patent licenses from the iPhone after its lawsuit with Apple(AAPL) - Get Report . The chipmaker anticipates diluted earnings of 52 cents to 62 cents a share for its current quarter, down from previous guidance of 67 cents to 92 cents a share. 

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

Time (TIME) lost one-fifth of its value in premarket trading after its board made the decision to not explore a sale of the company. The board had examined interest from potential buyers, but decided against selling the company. 

Congress will work to avoid a government shutdown on Friday by pushing through a continuing resolution. House Speaker Paul Ryan said on Thursday that he was confident Congress would pass a "short-term extension" to ensure the government avoids a shutdown.

Donald Trump had a more laissez-faire attitude, telling Reuters, "We'll see what happens. If there's a shutdown, there's a shutdown." The deadline for a spending bill to fund the government through to September is midnight Friday.

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