NEW YORK (CNN/Money) - A weaker than expected read on gross domestic product growth and another spike in oil prices kept U.S. stock markets near the unchanged line Friday morning.

After 10 minutes of trading, the Dow Jones industrial average (down 12.69 to 10,116.55, Charts), the Standard & Poor's 500 (down 1.15 to 1,099.28, Charts) index and the Nasdaq composite (down 4.48 to 1,876.58, Charts) all traded near unchanged.

The pace of economic growth slowed in the second quarter, the government said in a report released early Friday. GDP grew at a 3 percent annual rate in the quarter, from an upwardly revised 4.5 percent rate in the first quarter. Economists were expecting, on average, GDP to grow at a 3.7 percent annual rate.

The slowdown was attributed to, among other things, weaker consumer spending and higher energy prices.

Among early stock movers, Intel (INTC: unchanged at $24.24, Research, Estimates) lost 1 percent after the chip leader said that it won't meet its end-of-the-year target for releasing a high-speed chip for desktop computers.

Although the Democratic National Convention has been going on all week, concluding Thursday with Sen. John Kerry accepting his party's nomination, the focus on Wall Street has been more on energy prices, as well as earnings and economic data.

Oil prices have been surging this week, amid renewed concerns about global supply shortfalls. Light crude oil futures hit a new all-time high of $43.34 in electronic trading early Friday. Brent crude oil futures added 38 cents to $39.63 a barrel in London trade.

Due shortly after the open, the July consumer sentiment index from the University of Michigan is expected to be revised up to 96.2 from an initial read of 96, and up from 95.6 in June.

YOUR E-MAIL ALERTS Follow the news that matters to you. Create your own alert to be notified on topics you're interested in. Or, visit Popular Alerts for suggestions. Manage alerts | What is this?

Also due around the same time is the Chicago PMI, a regional read on manufacturing. The index is expected to have risen to 60 in July from 56.4 in June.

Treasury prices rose, pushing the 10-year note yield down to 4.51 percent. The dollar fell versus the yen and euro.

In global trade, Asian markets rose Friday, and European markets were mostly weaker at midday there.