US stocks open mostly higher as investors shrug off weak GDP data

U.S. equities opened mostly higher on Friday as investors shrugged off weak economic data and digested key corporate earnings.

The Dow Jones industrial average slipped about 10 points after opening marginally higher, with Intel contributing the most losses. The S&P 500 rose about 0.1 percent, with energy leading advancers. The Nasdaq composite hit a fresh record high shortly after the open, and last traded about 0.4 percent higher.

The U.S economy grew at a rate of 0.7 percent in the first quarter, the Commerce Department said. Economists polled by Reuters expected growth of 1.2 percent. But the latest CNBC/Moody's Analytics survey tracked economic growth at 0.8 percent and the Atlanta Federal Reserve's GDPNow tracked GDP at a 0.2 percent growth rate.

"GDP tucked under consensus albeit the headline print did exceed the 0.2% estimate provided by the Atlanta Fed," said Jeremy Klein, chief market strategist at FBN Securities, in a note to clients. "Traders largely ignored the release, for the data sits squarely in the rearview mirror."

Treasury yields ticked higher after the GDP data release. As of 9:11 a.m. ET, the benchmark 10-year yield traded at 2.32 percent, while the short-term two-year note yield hovered around 1.28 percent.

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