U.S. equities mostly drifted lower on Thursday on lingering disappointment with the “big league” tax reform proposal from President Trump’s cabinet on Wednesday (which was a letdown, to be honest, short on specifics) as investors looked ahead to an avalanche of Big Tech earnings after the close.

We also have the eagerly awaited first-quarter U.S. GDP report on Friday, with expectations diminished after the Atlanta Federal Reserve Bank cuts its GDPNow real-time estimate to just 0.2% after weak retail sales numbers, an inventory drawdown and tepid manufacturing activity.

Fears of a government shutdown are rising as Democrats threatened to vote against a one-week stopgap spending measure should Republicans insist on healthcare reform efforts to repeal and replace parts of Obamacare.

In the end, the Dow Jones Industrial Average gained a fraction, the S&P 500 gained a fraction, the Nasdaq Composite gained 0.4% and the Russell 2000 lost 0.2%. Treasury bonds were stronger, the dollar moved higher, gold gained 0.1% and crude oil fell 1.3%, but finished off its worst levels as supply concerns continued to weigh. The strength in T-bonds boosted the ProShares Ultra Treasury Bond (NYSEARCA:UBT) recommended to Edge subscribers.

Breadth was slightly negative while volume was heavy, at 121% of the NYSE’s 30-day average. Technology stocks led the way with a 0.6% gain while telecoms were the laggards, down 1.3%.

Athletics apparel maker Under Armour Inc (NYSE:UA) gained 9.9% thanks to a Q1 earnings beat on strong revenues and margins. PayPal Holdings Inc (NASDAQ:PYPL) gained 6.2% on a Q1 earnings and revenue beat on a transaction count that was ahead of analyst estimates. Forward guidance was also raised. And Comcast Corporation (NASDAQ:CMCSA) gained 2.1% after Q1 earnings, operating earnings, earnings per share and operating cash flow all exceeded analyst estimates.

On the downside, F5 Networks, Inc. (NASDAQ:FFIV) fell 7.5% on an earnings and revenue miss and the issuance of weak forward guidance. And American Airlines Group Inc (NASDAQ:AAL) fell 5.2% on a Q1 earnings beat on in-line revenues as the market focused on costs. JPMorgan analysts also issued a downgrade.

After the close:

• Alphabet Inc (NASDAQ:GOOG,NASDAQ:GOOGL) reported better-than-expected earnings of $7.73 per share (vs. $7.48 expected) on $24.8 billion in revenues (vs. $19.7 billion expected). Shares are up 4.1% in extended trading.
• Amazon.com, Inc. (NASDAQ:AMZN) reported $1.48 in earnings per share (vs. $1.03 expected) on $35.7 billion in revenue (vs. $35.4 billion expected). Shares are up nearly 4% in extended trading.
• Microsoft Corporation (NASDAQ:MSFT) reported earnings of 73 cents per share (vs. 69 cents expected) on $22.1 billion in revenue (vs. $23.6 billion expected). Shares are down 1% in extended trading.
• Intel Corporation (NASDAQ:INTC) reported earnings of 66 cents per share (vs. 65 cents expected) on $14.8 billion in revenues (in-line with estimates). Shares are down 4% in extended trading.
• Starbucks Corporation (NASDAQ:SBUX) reported earnings of 45 cents per share (in-line with estimates) on revenues of $5.3 billion (vs. $5.4 billion expected). Shares are down 4.2% in extended trading.
• GoPro Inc (NASDAQ:GPRO) reported a loss of 44 cents per share (vs. a 46-cent loss expected) on revenues of $2.45 billion (vs. $2.32 billion expected). Shares are down 1.6% in extended trading.

Anthony Mirhaydari is founder of the Edge (ETFs) and Edge Pro (Options) investment advisory newsletters. A two-week and four-week free trial offer has been extended to Investorplace readers. Redeem by clicking the links above.