Midday Report: Starbucks' Disappointing Growth; U.S. Economy Slows in Fourth Quarter

Markets were under pressure after the U.S. economy showed its slowest growth since 2011.
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Markets were under pressure after the first reading on the U.S. economy in the past year showed its slowest growth since 2011. Weak earnings from Alphabet (GOOGL) - Get Report also weighed on markets.

Consumer sentiment ticked slightly higher, according to the final reading for January. Economists had anticipated the measure to remain flat. Sentiment held at a post-recession high.

Starbucks (SBUX) - Get Report dragged on the S&P 500 after the company reported slower same-store sales growth over its first quarter than anticipated. Growth in the U.S. clocked in at 3%, below forecasts of just over 4%. 

Colgate-Palmolive (CL) - Get Report sold off after warning of challenging conditions this year. CEO Ian Cook said uncertainty in global markets and a strong U.S. dollar would continue to hurt, though he pledged to deliver organic sales growth.