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) 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) 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."

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Amazon  (AMZN) 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) and Intel (INTC) 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) 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) 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) 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) 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) , Chevron (CVX) , Colgate-Palmolive (CL) , Goodyear Tire (GT) , Honda (HMC) , Phillips 66 (PSX) , Royal Caribbean (RCL) , UBS (UBS) , VF Corp (VFC) , and Weyerhaeuser (WY) .

Qualcomm (QCOM) 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) . 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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