U.S. Stocks Lose Steam Despite Earnings Beats from GE, Microsoft and McDonald's

U.S. stocks traded lower on Friday, despite a slew of strong earnings reports. The S&P 500 remains stuck in a narrow trading range, as investors grapple with a number of wildcards over the next few months. "When I look at where the S&P is - I think there is a lot on investors' minds and they're trying to figure out whether the next big move is to the upside or to the downside," said David Lebovitz, global markets, strategist at JPMorgan Asset Management, referring to uncertainty surrounding upcoming central bank meetings and the presidential election. General Electric (GE) - Get Report reported earnings of $0.32 a share for its third quarter, beating estimates of $0.30. Revenue of $29.3 billion missed estimates of $29.6 billion. Low oil prices impacted the industrials giant, with oil and gas revenue dropping 25% during the quarter. Microsoft (MSFT) - Get Report shares were on track to open at a record high after reporting earnings of $0.76 a share, topping forecasts of $0.68. Revenue of $22.3 billion also beat Wall Street's forecasts of $21.7 billion. Revenue from Microsoft's cloud product, Azure, rose 116%. McDonald's (MCD) - Get Report shares surged after posting third quarter earnings of $1.50 a share, beating the Street's forecast by two pennies. Revenue of $6.4 billion eclipsed the $6.3 billion analysts were looking for. TheStreet's Scott Gamm reports from Wall Street.