Stocks Mixed in the Early Trading after GDP Data

U.S. stocks were mixed in the early trading on Friday, after preliminary data showed a modest expansion in U.S. economic growth during the first quarter. The Dow Jones Industrial Average lately fell 14.53 points, or 0.07%, to 20,966.80. The S&P 500 was down 0.54 point, or 0.02%, to 2,388.23. The Nasdaq Composite gained 6.62 points, or 0.11%, to 6,055.56.

Oil prices rebounded on Friday after dropping to a one-month low the previous day, ahead of a May OPEC meeting at which producers could extend output cuts. Benchmark Brent crude futures were trading up 44 cents at $51.88 a barrel. light crude fetched $49.55 a barrel, up 58 cents.

The U.S. economy expanded at an annualized rate of 0.7% In the first quarter, less than expected. Personal consumption, which accounts for about 70% of GDP, rose at a rate of just 0.3% to start the year.

General Motors Co. started the year on pace for another record annual profit, fueled by cost cuts, new models and ample inventory after plants cranked up production before being retooled this year. Earnings rose to $1.70 per share in the first quarter, beating analyst estimates of $1.48 a share.

Exxon Mobil beat Wall Street’s expectations as first quarter earnings more than doubled profits in the year ago period on rising oil prices and cost cutting. The company posted profits of $4 billion, or 95 cents per share, for the quarter, compared with analysts’ EPS estimates for 85 cents.

Amazon.com Inc’s (AMZN) retail and cloud-computing sales rose in the first quarter, inching above Wall Street’s expectations. The company said on Thursday net sales rose 23 percent to $35.7 billion. Net income rose 41 percent to $724 million, or $1.48 per share.