Wall Street dips after tepid GDP, earnings

US stocks edged lower for a second consecutive session on Friday as underwhelming corporate earnings and gross domestic product data dampened recent 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 expected by economists and the 3.5 per cent growth pace logged in the third quarter.

Chevron fell 2.4 percent to $113.77 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 was the worst performing of the 11 major S&P sectors.

The Nasdaq was weighed down by Starbucks , whose shares dropped 3.8 percent to $56.21 after the world's biggest coffee seller trimmed its full-year revenue forecast.

Traders were encouraged losses were not steeper despite the disappointing data and earnings.

"The market is exhausted today. This week just wore everybody out, just flat-out, wore everybody out," said Keith Bliss, senior vice-president at Cuttone & Co in New York.

"You take a look at what the market is doing, albeit an exhausted market, and it is not getting whacked. Some things like that would have had the ability to take the Dow down one hundred points, to take the S&P down twelve or thirteen points, and it's not."

Even with some disappointing corporate results, fourth-quarter earnings are expected to show growth of 6.8 percent, which would mark the biggest increase in two years and second straight quarter of growth, according to Thomson Reuters data.

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 reignited.

All three major indexes were also on track to post weekly gains.

The Dow Jones Industrial Average fell 10.43 points, or 0.05 percent, to 20,090.48, the S&P 500 lost 3.08 points, or 0.13 percent, to 2,293.6 and the Nasdaq Composite added 1.77 points, or 0.03 percent, to 5,656.95.

Microsoft rose 2.2 percent to $65.72, while Intel gained 1.5 percent to $38.11 after the two companies reported quarterly results above Wall Street expectations.

However, Google parent Alphabet was down 1.2 percent at $846.74 after it posted fourth-quarter profit below analysts' estimates.

Colgate-Palmolive fell 5.5 percent to $64.52 after the personal products maker's fourth-quarter revenue missed estimates.

Declining issues outnumbered advancing ones on the NYSE by a 1.39-to-1 ratio; on Nasdaq, a 1.19-to-1 ratio favoured decliners.

The S&P 500 posted 25 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 96 new highs and 25 new lows.