The S&P 500 ended a record-making July just shy of clinching new closing highs.
The S&P 500 was up 0.16% at 2,173.43, short of its previous record of 2,175.03. The Dow Jones Industrial Average slid 0.13%, and the Nasdaq rose 0.14%.
For the month as a whole, the S&P 500 gained 3.6%, ending July under two points from the record closing high it set earlier in the month. The benchmark index recorded its best close on July 22, building upon gains seen earlier in the month after a blowout June jobs report reassured investors' faith in the U.S. economy.
Gains on Friday were muted, though, with a mix of earnings reports dragging Wall Street in opposite directions.
In positive earnings news, Alphabet (GOOGL) - Get Report increased as ad revenue drove growth on its top-line. The company reported a 21% increase in revenue, largely thanks to growth in Google's ad business. Adjusted earnings of $8.42 a share beat estimates of $8.04.
"What can we say? This was a fantastic quarter, with core Google's dominance and (Chief Financial Officer) Ruth Porat's capex discipline on full display," said TheStreet's Jim Cramer, manager of the Action Alerts PLUS Charitable Trust Portfolio, and research director Jack Mohr.
Amazon (AMZN) - Get Report reported another quarter of record profit. The e-commerce giant earned $1.78 a share, handily beating estimates of $1.11 a share. Its Amazon Web Services division, which rents enterprise cloud space and computer power, drove growth with a sales increase of nearly 60%.
AbbVie (ABBV) - Get Report rose after besting quarterly estimates and upping its full-year guidance. The drugmaker earned an adjusted $1.26 a share, 6 cents above estimates. Revenue rose to $6.45 billion, driven by a 17.4% increase in sales of Humira, and exceeded consensus of $6.21 billion. Its full-year adjusted profit outlook of $4.73 to $4.83 a share reflects "expected continued positive trends," the company said.
In disappointing earnings news, Exxon Mobil (XOM) - Get Report dragged on the Dow as lower oil prices continued to ravage its top and bottom lines in its recent quarter. The oil company earned 41 cents a share, down from $1 a share a year earlier. Analysts had expected earnings of 64 cents a share. Revenue declined by 22% to $57.69 billion and fell short of expectations. Shares were down 4%.
Chevron (CVX) - Get Report reported a mixed second quarter, topping profit estimates but falling short on sales. The oil producer said its results "reflected lower oil prices." Adjusted earnings of 35 cents a share came in 3 cents above estimates.
Cigna (CI) - Get Report cut its full-year forecasts and issued weaker second-quarter earnings. The health-insurance provider earned $1.97 a share over the quarter, down from $2.26 a year earlier. Adjusted earnings of $1.98 a share fell short of $2.39 consensus. The company said a headwind in its group disability and life division had pressured overall results.
San Francisco Federal Reserve Bank President John Williams waved off worries of a looming recession. Williams noted that the U.S. economy was currently in a "good position" in a speech at a media briefing in Cambridge, Mass.
"I'm not sitting here worried that the risk of a recession is greater next year or the year after, because there is no evidence that is the way the U.S. economy works," Williams said.
Williams also said it was unlikely the Fed would implement negative rates and the next move on monetary policy would be an increase in interest rates, not a reduction.
Second-quarter economic growth in the U.S. fell short of economists' expectations. The U.S. economy grew just 1.2% in the second quarter, according to the Bureau of Economic Analysis, far short of estimates of 2.6% growth. First-quarter growth was also reduced to 0.8% from 1.1%. U.S. exports climbed 1.4% over the quarter, while U.S. imports dropped 0.4%.
Crude oil climbed on Friday afternoon even after a weekly increase in the number of active oil rigs in the U.S. The number of active rigs drilling for crude rise by 3 to 374, according to Baker Hughes data.
West Texas Intermediate settled 1.1% higher at $41.60 a barrel on Friday. The commodity closed down 5.9% for the week and 14% for the month.
The Bank of Japan made no moves to adjusted interest rates or its current bond-buying program, disappointing those who had hoped for further monetary stimulus. The central bank did announce minor changes to combat deflation, including plans to up the purchase of exchange-traded equity funds from 3.3 trillion yen a year to 6 trillion yen ($57 billion) a year.