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U.S. stocks trade lower amid tech earnings, GDP figure

Xinhua, April 28, 2017 Adjust font size:

U.S. stocks traded mixed on Friday as investors were accessing a batch of quarterly earnings reports from tech giants and the country's economic growth data.

At midday, the Dow Jones Industrial Average was down 39.55 points, or 0.19 percent, to 20,941.78. The S&P 500 erased 5.36 points, or 0.22 percent, to 2,383.41. The Nasdaq Composite Index decreased 7.78 points, or 0.13 percent, to 6,041.16.

On the earnings front, a slew of tech companies reported first quarter earnings on Thursday after the closing bell.

Google's parent company Alphabet reported first-quarter revenue of 24.75 billion U.S. dollars, up 22 percent year on year. Shares of Alphabet rose more than 4 percent by noon.

Shares of Amazon rose nearly 2 percent at midday after the company reported diluted earnings per share of 1.48 dollars in the first quarter.

Intel reported earnings per share of 0.61 dollar, up 45 percent year on year. The company's first-quarter revenue stood at 14.8 billion dollars, up 8 percent compared to the same period last year.

Microsoft's first-quarter revenue stood at 22.1 billion dollars, while the company's net income reached 4.8 billion dollars.

Meanwhile, the Dow component Exxon Mobil announced Friday the estimated first quarter earnings of 4 billion dollars, or 0.95 dollar per diluted share, compared with 1.8 billion dollars a year earlier, exceeding market expectations.

Chevron, also a Dow component, reported earnings of 2.7 billion dollars or 1.41 dollars per diluted share on Friday.

On the economic front, the U.S. real gross domestic product increased at an annual rate of 0.7 percent in the first quarter, the weakest pace in three years, according to the "advance" estimate released by the Commerce Department. Endit