Gross domestic product — a broad measure of what the economy produces — increased in the first quarter but fell short of what economists expected.
Here are what the markets are looking like:
That reading is the latest sign of what many investors see as a directionless economy that the Federal Reserve can’t quite resuscitate. The Fed continues pumping billions of dollars a month into bonds and mortgage-backed securities to fuel the economy, but has seen lackluster results.
The Dow Jones industrial average rose 0.1% with Hewlett-Packard (HPQ, Fortune 500) pushing the index up. The S&P 500 and the Nasdaq dropped between 0.3% and 0.4%.
A consumer sentiment index was revised higher for April but is still the lowest reading since January.
Meanwhile, investors continue to monitor a mixed bag of quarterly earnings reports.
Chevron (CVX, Fortune 500) traded up on better-than-expected earnings.
D.R. Horton’s (DHI) stock price surged, after the home builder reported a near doubling of quarterly net income on Friday, riding the wave of the recovering housing market.
Burger King Worldwide (BKW) rose after it reported an increase in profits.
Starbucks (SBUX, Fortune 500) came under pressure after issuing downside guidance for the current quarter and reaffirming its revenue outlook for the year.
Internet stocks plunge: Amazon (AMZN, Fortune 500) shares fell precipitously, after the online retailer reported a profit decline. Shares of the Chinese internet search firm Baidu (BIDU) dropped more than 8% on weak earnings. Travel search engine Expedia (EXPE) also dropped more than 8% after it released earnings.
Meanwhile, J.C. Penney (JCP, Fortune 500) shares surged after hedge fund mogul George Soros said late Thursday that he had taken a 7.9% stake in the ailing retailer.
Asian markets ended mixed. The Shanghai Composite declined 1% and the Hang Seng added 0.7%.
The Nikkei lost 0.3% after the Bank of Japan said it would maintain its stimulus program. A separate report showed prices fell 0.5% last month in Japan, underscoring the monumental task facing policymakers as they attempt to reverse 15 years of deflation.
European markets fell in afternoon trading, on the heels of three consecutive days of significant gains. The Euronext 100 index declined by roughly 1%.
The dollar lost ground against the euro, the British pound and the Japanese yen.
Oil prices dipped, while gold prices jumped.
The yield on the 10-year Treasury rose to 1.71%.