X Stocks opened mostly higher Friday but turned mixed as Google parent Alphabet (GOOGL) and Amazon (AMZN) were big earnings winners. But Intel (INTC) tumbled on its Q1 sales while Qualcomm (QCOM) slashed profit views on its growing feud with key customer Apple (AAPL).
Meanwhile, first-quarter GDP growth was an annualized 0.7%, a sharper slowdown from Q4's 2.1% pace than the 1.1% expected. It was the weakest growth in three years, as consumer spending barely rose. But the 8:30 a.m. ET release didn't move stock futures much.
The Nasdaq rose 0.1% in morning action, paring gains after hitting a fresh all-time high. The Dow Jones industrial average dipped 0.1% while the S&P 500 edged lower.
An earnings blitz late Thursday drove market action, but in a push-pull fashion.
Alphabet jumped 4% at the opening bell on the stock market today, while Amazon advanced nearly 3%. Their strong showings also gave fellow FANG stock Facebook (FB) a 1% boost. Facebook reports next week. Alphabet, which has been in a buy zone and at all-time highs, is likely to jump beyond the 5% buy zone. Amazon should pop beyond its all-time high, and will clear a three-weeks-tight pattern of 923.82, which can offer a follow-on entry.
However, Intel, which is a Dow component, lost nearly 4% as sales fell just short of views due to weakness in its data center market.
Qualcomm, which has been insisting repeatedly that its business relationship with Apple would continue despite their legal fight, said Apple will not pay royalties in the current Q3. It slashed its Q3 adjusted EPS outlook to 75-85 cents from its recent guidance of 90 cents to $1.15. It also cut its revenue targets.
Qualcomm shares sank 3.4%. Apple, a Dow component, dipped 0.2%.
Among other notable earnings, General Motors (GM) topped views Friday morning, Microsoft (MSFT) sales fell short Thursday night while Starbucks missed on revenue once again. Western Digital (WDC), the hard drive and flash memory maker, topped estimates and offered blowout guidance. GM opened 1% higher.
Dow's Microsoft was little changed and Starbucks (SBUX) fell nearly 3% to 59.58, back near its 59.37 buy point. Western Digital climbed 2.3% at the open.
Dow energy components Exxon Mobil (XOM) and Chevron (CVX) topped earnings views early Friday, sending shares up about 1%.
Logitech (LOGI) rose 1% after the maker of computer accessories and peripherals beat profit expectations Thursday. The stock has been rising from support in a pullback to the 50-day line.
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