Stocks were mostly lower on Friday after U.S. economic growth in the first quarter slowed sharply, the worst growth in three years.

The S&P 500 was down 0.08%, the Dow Jones Industrial Average fell 0.1%, and the Nasdaq added 0.07%. The Nasdaq was trading above its record close set a day earlier.

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.

"That weakness, in our view, is likely to prove transitory," Barclays analysts wrote in a note. "Warm weather reduced utilities consumption, motor vehicle purchases declined to a more sustainable rate, and early in the quarter, tax refunds were delayed. These factors combined with the timing of the Easter/Passover holiday (in April this year) and a weak March employment report likely weighed on consumption growth.

"We look for activity to rebound in the coming quarters and keep the economy in its modest growth path."

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%. 

Manufacturing activity in the Chicago region picked up in April. The Chicago PMI rose to 58.3 in April from 57.7 in March. Analysts anticipated a decline to 56.5. 

The final reading of consumer sentiment in April retreated to 97 from an initial reading of 98. Analysts expected sentiment to slip from initial estimates to 97.9. The measure remains higher than a reading of 96.9 in March. 

Alphabet (GOOGL) - Get Report rose 4.3% 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 2.1% 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 rose slightly despite 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 3.9% 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  reported 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 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 3% 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)  fell 18% 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. 

Honeywell (HON) - Get Report rose on Friday on news hedge fund Third Point had added to its position and was pushing for changes. Activist investor Dan Loeb's Third Point is pushing the company to consider separating its aerospace unit. That spinoff would create shareholder value "in excess of $20 billion," the firm said in a letter. 

The House of Representatives approved a one-week funding extension on Friday morning. Congress had worked this week to avoid a government shutdown by pushing through a continuing resolution.

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