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

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.