US stocks slip after soft GDP data and earnings

US stocks edged lower for a second consecutive session on Friday as some underwhelming corporate earnings and a gross domestic product data offset the enthusiasm over policy actions by President, Donald Trump. 

US economic growth slowed more than expected in the fourth quarter, with GDP rising at a 1.9 per cent annual rate, below the 2.2 per cent rise as expected by economists and the 3.5 per cent growth pace lodged in the third quarter.

Chevron fell 2.4 percent to USD 113.79 after its quarterly profit fell short of analysts' expectations. The stock was the biggest drag on the S&P 500 and the Dow Jones Industrial Average indexes. The S&P energy index, down 0.9 percent, was the worst performing of the 11 major S&P sectors. The Dow remained above 20,000 for the third straight day, after breaching the milestone for the first time on Wednesday as the post-election rally was reignited. 

The Dow Jones Industrial Average fell 7.13 points, or 0.04 percent to 20,093.78; the S&P 500 lost 1.99 points, or 0.09 percent to 2,294.69; and the Nasdaq Composite added 5.61 points, or 0.1 percent to 5,660.78. Meanwhile, Starbucks curbed gains on the Nasdaq. Its shares dropped 4.0 percent to USD 56.12 after the world's biggest coffee seller trimmed its full-year revenue forecast.

"The market has rallied on expectations of good things to happen in the future but as we are getting the data that is factual of what is going on, it is not as good as people are hoping," said Andrew Slimmon, the portfolio manager at Morgan Stanley Investment Management in Chicago.

On the other hand, Microsoft rose 2.3 percent to USD 65.78; while Intel gained 1.1 percent to USD 37.98, after both reported quarterly results above Wall Street expectations. Declining issues outnumbered advancing ones on the NYSE by a 1.35-to-1 ratio; and on Nasdaq, a 1.15-to-1 ratio favoured decliners.