Investing.com – After both the S&P 500 and Nasdaq Composite hit record highs a day earlier, Wall Street traded lower on Friday despite an upbeat revision to first quarter gross domestic product as traders prepared for a long weekend with U.S. stock markets closed for the Memorial Day holiday.
At 10:28AM ET (14:28GMT), the Dow Jones dropped 17 points, or 0.08%, the S&P 500 slipped 1 point, or 0.03%, while the Nasdaq Composite gave up 1 point, or 0.02%.
U.S. economic growth in the first three months of the year was revised up to an expansion of 1.2%, from the prior reading of 0.7%, well above expectations for a 0.9% rise.
In more recent data, durable goods orders gave a mixed read as the headline number fell less than forecast, but the core reading unexpectedly declined.
The University of Michigan’s May consumer sentiment index also disappointed with a larger than expected downward revision.
In big moves on earnings, GameStop (NYSE:GME) slumped more than 6% as the video game retailer beat consensus, but investors appeared to fret over a decrease in net income and delays over a possible game.
On the upside, Lions Gate Entertainment (NYSE:LGFa) jumped 6% as the movie studio’s top and bottom line topped estimates.
Costco (NASDAQ:COST) also gained around 2% after the warehouse retailer beat consensus on stronger-than-expected comparable store sales.
Meanwhile, oil prices traded all over the chart on Friday but held onto gains in morning trade in New York as they recovered from after crashing nearly 5% the prior session as the decision by major oil producers to extend their production cuts nine months without an increase in levels disappointed markets.
Investors also looked ahead to latest weekly data from Baker Hughes on U.S. drilling activity. Last week, the energy services provider said that the U.S. added rigs for the 18th week in a row, increasing by 8 to 720 and extending an 11-month drilling recovery to the highest level since April 2015.
U.S. crude futures gained 0.61% to $49.20 by 10:29AM ET (14:29GMT), while Brent oil rose 0.47% to $51.70.