US stocks trade mixed; Nasdaq outperform on strong earnings

Major US equity indices witnessed a mixed opening on Friday as investors digested today's US macro data, which showed a slowdown in economic growth.

According to the preliminary reading, the US economy expanded at a 2.3% annual pace in the first three months of 2018, slower than the average 3% gain in the previous three quarters. Despite the slowdown, the market had a rather muted reaction to the data as investors remain optimistic over the expected boost from the Trump administration's tax cuts.

Meanwhile, upbeat results from Amazon and Microsoft, a day after Facebook reported impressive earnings, supported the ongoing recovery in technology stocks and helped the Nasdaq Composite Index to outperform the broader markets. 

Earnings report will continue to be a major driver, with easing geopolitical/trade-war tensions now seemed to offset concerns about higher US interest rates and prompt some fresh buying in the markets.

Nevertheless, the Dow Jones Industrial Average might be looking at a loss of around 0.5%, while the broader S&P 500 Index and Nasdaq could be headed for a flat end for the week.