Energy companies led a slight slide in U.S. stock indexes Friday morning as the price of crude oil headed lower. Health care stocks were the biggest gainers as investors sized up earnings from American Airlines, Starbucks, Microsoft and other big companies. Bond yields fell after the government reported that the economy lost momentum in the last three months of 2016.
KEEPING SCORE: The Dow fell 19 points, or 0.1 percent, to 20,081 as of 11:23 a.m. Eastern Time. The Standard & Poor’s 500 index slid 3 points, or 0.1 percent, to 2,293. The Nasdaq composite index lost 2 points, or 0.1 percent, to 5,652.
THE ECONOMY: The Commerce Department said the U.S. economy grew at an annual rate of just 1.9 percent in the last three months of 2016, a slowdown from 3.5 percent in the previous quarter. For 2016, the economy grew 1.6 percent, the worst showing since 2011 and down from 2.6 percent in 2015. A separate government report showed businesses spent more on industrial machinery, semiconductors and other big-ticket items last month, a sign U.S. manufacturers seem to be doing better after a two-year slump.
WEAK BREW: Starbucks was down 3.8 percent a day after the coffee shop chain reported disappointing sales growth. The company said the popularity of its mobile order-and-pay option, which was supposed to make getting a drink easier, has caused bottlenecks at the areas where people pick up their drinks. Starbucks also cut its sales forecast for the year. The stock lost $2.19 to $56.27.
LOWER PROFIT: American Airlines Group fell 4.3 percent after the airline said earnings declined in the fourth quarter from a year earlier, when it received a huge tax benefit. The stock fell $2.14 to $47.45.