Here are five things you must know for Friday, July 27:   

1. -- Stocks Rise Ahead of GDP Report

U.S. stock futures rose modestly on Friday, July 27, as Wall Street prepared for a report that could show the U.S. economy grew the most in four years during the second quarter.

Economists expect gross domestic product to top a 4% annualized rate in the second quarter compared with the first quarter's 2%. The Commerce Department will release its first official estimate of second-quarter GDP at 8:30 a.m. ET. Consumer sentiment for June at 10 a.m. will round out Friday's U.S. economic calendar.

Investors also were taking comfort from the easing of trade tensions between Washington and Europe and a blowout quarter from Amazon.com Inc. (AMZN) .

Contracts tied to the Dow Jones Industrial Average  rose 27 points, futures for the S&P 500  were up 1.75 points and Nasdaq futures gained 12.75 points.

The Nasdaq fell more than 1% on Thursday, July 26, after social media giant Facebook Inc. (FB)  dropped almost 19%, losing $120 billion in market capitalization and earning the dubious record for the worst one-day loss in market value in U.S. stock market history.

Merck & Co. (MRK)  posted second-quarter adjusted earnings of $1.06 a share, 3 cents ahead of estimates. Revenue rose to $10.47 billion from $9.93 billion, and beat forecasts of $10.28 billion.

Twitter Inc. (TWTR)   shares plunged 14% in premarket trading Friday after the social media company posted solid second-quarter earnings and a robust outlook, but noted that changes to its content rules meant fewer people were using the microblogging website.

Colgate-Palmolive Inc.'s (CL)  second-quarter adjusted earnings of 77 cents a share met analysts' forecasts. But sales of $3.87 billion came in below analysts' forecasts. The stock fell 3.5%.

Earnings are also expected Friday from AbbVie Inc. (ABBV) , Chevron Corp. (CVX) and Exxon Mobil Corp. (XOM)  .

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2. -- Amazon.com's Profit Tops $2 Billion

Amazon.com Inc. rose 4.3% in premarket trading on Friday after the online retailing giant posted second-quarter earnings of $2.5 billion, or $5.07 a share, the first time Amazon topped $2 billion in quarterly profit.

Analysts were looking for earnings of $2.48 a share.

Revenue in the quarter was $52.9 billion, rising from $37.96 billion a year earlier but slightly below analysts' estimates of $53.37 billion. The company said sales growth accelerated in North America, internationally and at Amazon Web Services. AWS revenue rose 49% year over year to $6.11 billion, matching the first-quarter's growth rate and topping a consensus estimate of $5.98 billion.

Amazon said it expects third-quarter operating profit in a range of $1.4 billion to $2.4 billion vs. estimates of $1.28 billion. Revenue in the third quarter is expected at $54 billion to $57.5 billion, which is below consensus of $58.1 billion.

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"Overall, we think this was another really good quarter for the company," said Cramer and the AAP team. "The revenue miss and soft guidance does raise some red flags about top-line growth, but what impressed us the most is how quickly Amazon can turn up profitability thanks to an increase sales mix towards AWS, subscriptions, and advertising."

3. -- Intel Slides Despite Earnings Beat

Intel Corp. (INTC)  fell 6.8% in premarket trading despite an earnings beat in the chipmaker's second quarter. 

Intel reported adjusted earnings of $1.04 a share on revenue of $16.96 billion, beating analysts' expectations of 96 cents a share on revenue of $16.76 billion.

According to Intel, the nearly $17 billion in sales during the period was a company record. As a result, the company raised its full-year revenue guidance by about $2 billion to $69.5 billion, and raised adjusted guidance by 30 cents a share to $4.15 a share.

Downsides: The company said data-center revenue in the quarter jumped 27% from a year earlier to $5.5 billion but was below analysts' forecasts of $5.61 billion, and said one of its key next generation chips wouldn't be released until next year.

4. -- Sales at Starbucks Rise 11%

Starbucks Corp. (SBUX)  earned 62 cents a share on an adjusted basis in its fiscal third quarter, 1 cent above Wall Street estimates. The stock fell slightly in premarket trading on Friday.

Sales at the coffee retailer rose 11% to $6.31 billion from $5.66 billion a year earlier. Analysts were looking for sales of $6.26 billion. Global comparable-store sales rose 1%, meeting estimates.

The company lowered its expectations for fiscal global same-store sales growth to just below 3%, from its previous estimate of 3% to 5%. Watch a quick analysis of the quarter below. 

5. -- Chipotle Tops Profit Forecasts

Chipotle Mexican Grill Inc. (CMG) jumped 6.1% in premarket trading on Friday after the better burrito chain reported second-quarter earnings that topped expectations.

Revenue rose 8.3% to $1.27 billion while comparable-restaurant sales in the quarter rose 3.3%.

Meanwhile, new Chipotle CEO Brian Niccol, the former Taco Bell chief who took over in March, told TheStreet his company would soon begin piloting a "late-night" menu, serving up $2 tacos and a drink after 8 p.m.

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