TheStreet Live

Wall Street was mostly lower after the U.S. economy in the first quarter grew at its slowest in three years. The slowdown was largely tied to conservative consumer spending. GM reported a double-digit increase in net income as sales of its trucks and SUVs boosted overall results. Net income increased 34% to a new record for the first quarter, while revenue climbed 11%. Time Inc. lost nearly one-fifth of its value after its board made the decision to not explore a sale. The board had examined interest from potential buyers, but decided against it. Honeywell rose after hedge fund Third Point added to its position and pushed for changes. The company suggests Honeywell separate its aerospace unit, a move Third Point says could create shareholder value in excess of $20 billion.

Amazon shares soar on a big earnings and sales beat as its cloud business helped drive results. Alphabet beat on both the top and bottom line as its advertising business was strong. Intel had lower than expected revenue after a slowdown in its data business. Asian stocks, though are lower on concerns about what's happening in North Korea. President Trump warned that a major conflict with North Korea is possible. In an interview with Reuters, the President said he was still hoping for a diplomatic solution. Meanwhile, President Trump nears his 100th day in office Saturday. The Dow Jones Industrial Average is on track to book the best performance in the postwar era under a first-term President when measured from election day through the 100th day in office, according to Dow Jones data. Other measurements say from Inauguration Day, it's the 3rd best performance with gains of 5.5%.

Wall Street ran at two speeds with better-than-expected earnings from PayPal driving the Nasdaq to new records, while a slump in crude oil kneecapped any big gains for the rest of the market. Crude closed at its lowest level since March 28. Whole Foods Market was active on reports an activist investor was pressuring the company to explore its strategic options. That investor has floated the idea of a sale or joint venture. Amgen fell after a double-digit slump in sales of its rheumatoid arthritis drug raised concerns over future performance. Adjusted earnings did surpass estimates, though revenue fell short. Ford fell as safety recall costs ate into profit over its first quarter. Net income declined by 35%, while revenue rose by 4%. Adjusted earnings did beat estimates, though.

Stocks turned mixed after a slump in crude oil prices overshadowed a series of positive earnings reports. PayPal , Under Armour and Comcast had topped earnings estimates. PayPal climbed after surpassing quarterly targets and after its board authorized a $5 billion stock repurchase program. Total payments volume grew 23% and neared a never-before-seen total of $100 billion. Buffalo Wild Wings fell short of earnings estimates, but reported in-line sales over its first quarter. The wings chain has recently been under pressure from activist investor Marcato Capital to shake up its management and board. Pending home sales in the U.S. fell in in March as tighter inventory continued to constrict high demand. The index, which measures sales where a contract has been signed but a deal not yet closed, fell by 0.8%.

President Donald Trump repeatedly railed against the 20 year North American Free Trade Agreement on the campaign trail. However, now he says he will keep it at least for the time being. The President talked with the leaders of Canada and Mexico and will negotiate the trade deal instead of killing it altogether. United Airlines will offer up to $10,000 when a traveler voluntarily gives up a seat on an oversold flight. This is part of a policy overhaul following the passenger yanking video that was shared worldwide. United also made other changes including limiting the use of law enforcement on a plane, factoring in customer service when doling out executive bonuses and reducing the amount of overbooking. McDonald's is set to expand its Ubereats food delivery service by the end of June. The fast food chain has been testing delivery via Ubereats app since late last year.

U.S. stocks were higher after a shaky morning as Wall Street awaited the fine print of the Trump Administration's tax plan. Trump has suggested he will cut the corporate tax rate to 15% from 35%, a reduction that would significantly decrease federal revenue. Crude oil prices turned higher after a sharper decline in weekly domestic inventories than expected. A downward trend comes as a relief to commodity traders worried over ballooning U.S. production and a global supply glut. U.S. Steel knocked off a quarter of its value after reporting a surprise loss over its recent quarter. The steelmaker pointed to operating challenges at its flat-rolled facilities. PepsiCo bested earnings and sales estimates over its recent quarter as higher pricing offset weaker volumes in North America. Beverage volume in the region fell by 1% over the quarter.

President Donald Trump is expected to stick with a campaign pledge to slash the corporate tax rate from 35% to 15%. Reports also say Trump will include a tax break for child-care expenses. The blueprint is expected to have the biggest tax cut since President Ronald Reagan's presidency. The NASDAQ hits 6000 for the first time ever. It's been tech stocks that have led the market higher and they are the main reason the NASDAQ crossed the milestone. The NASDAQ is now up nearly 12% year to date, nearly double the Dow Jones Industrial Average and S & P 500. Chipotle is back. The food safety issues are going away and sales are soaring. But the restaurant chain has another headache. It says it was the victim of a data breach in March and April in its payment processing system. Today, Bank of America will hold its annual meeting, where a vote on separating the Chairman and CEO jobs will take place.

The famous Champs Elysees in Paris was the site of terrorist attack in which a police officer was killed. The French go to the polls over the weekend for the first round of voting for President. U.S. markets are cautious after what's been a volatile week for stocks. The Trump administration says next week could be huge, with potential health care reform introduced. Treasury Secretary Steve Mnuchin hinted that major tax reform could be coming sooner than expected. President Trump to sign an Executive Order to review 2016 tax regulations to see if they add unique burdens. Another Executive Order will review part of Dodd-Frank to see if it costs too much to taxpayers. Kids aren't loving Mattel's toys. Earnings were down at the toy company that makes Barbie dolls and Hot Wheels cars. Mattel CEO says going forward, the company should get help from the Toys it has made to coincide with the release of Disney's Cars 3, which hits theaters in the 2nd quarter.

A positive earnings report from Dow Jones Industrial Average component American Express did most of the work for benchmark indexes. Amex's earnings win was enough to offset quarterly disappointments from the likes of Verizon and eBay . Foot Locker has warned of lower profit in its first quarter than previously anticipated. CEO Richard Johnson said delays of income tax refunds had contributed to disappointing February same-store sales. Buffalo Wild Wings is under fire from activist investor Marcato Capital which wants the chain to oust CEO Sally Smith and appoint four nominees to their board. In a proxy filing, the firm said the status quo is unacceptable and new leadership is needed. Allstate anticipates first-quarter catastrophe losses to equal roughly $508 million. The insurer said severe hail in Texas in March accounted for a third of total quarterly losses.

Crude oil prices threaten to crack $50 a barrel, with just weeks to go before OPEC and other producers have to sign off on a new deal to hold down production. U.S. crude inventories had a slight drop in the latest report. American Express profits were better than expected as cardholders kept using their plastic. Shares are higher in the premarket. The company last month fattened up its rewards on its platinum charge cards to fortify its high-end market against JPMorgan Chase and Citigroup . Cable news star Bill O'Reilly has been forced out at Fox News. The channel is shuffling its line up with Tucker Carlson taking over O'Reilly's 8 pm prime time slot. O'Reilly was forced out after revelations of sexual harassment claims against him. His show "The Factor" brought in more than a 100 million in advertising a year and investors are curious if the move will impact the company's stock.