Health care turmoil; GDP report; Big Oil earnings

1. Health care turmoil: The U.S. Senate has dealt a devastating setback to Republican efforts to repeal Obamacare.

Three Republican senators defied their party and President Trump early on Friday, voting against a "skinny" bill that would have repealed the Affordable Care Act's individual and employer mandates and temporarily repealed the medical device tax.

The bill would have meant 15 million more people would be uninsured next year than under Obamacare, according to the non-partisan Congressional Budget Office.

The vote came hours after The New Yorker published a profanity-laden interview with new White House communications boss Anthony Scaramucci that featured a series of attacks against White House staff who leak information to the media.

"For international investors, the combination of legislative failure and open conflict in the executive branch is likely to assume exaggerated importance," said Paul Donovan, global chief economist at UBS Wealth Management.

The U.S. dollar was weaker on Friday.

U.S. stock futures were pulling back, and many European markets dropped by about 1%

The Dow Jones industrial average, S&P 500 and Nasdaq all hit record highs on Thursday.

2. GDP time: Investors will get their first look at how the U.S. economy fared in the second quarter at 8:30 a.m. ET.

Economists expect the GDP report to show growth of 2.7%, up from a tepid 1.4% expansion in the first three months of the year. While an improvement, the U.S. would still be far off the 4% growth promised by the Trump administration.

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3. Big Oil, big profits?: Chevron and ExxonMobil are expected to report improved second-quarter results.

American Airlines, Goodyear Tire and Merck are also releasing earnings before the open Friday.

Looking to Europe, UBS, Barclays and British Airways owner International Airlines Group have reported their latest results.

4. Tracking Tesla: Electric carmaker Tesla is delivering Model 3 cars to its first 30 customers on Friday. They had to pre-order these cars more than a year ago.

The $35,000 vehicle is nearly half the price of Tesla's next cheapest car, the Model S.

5. Stock market movers: Earnings reports from Thursday night are set to have a big impact when trading starts.

Shares in First Solar and Baidu are rising by about 10% and 4%, respectively, on much better-than-expected results.

Starbucks and Mattel are down over 5% after disappointing investors with their quarterly reports.

Starbucks also announced it's closing all its Tevana locations. Over 3,000 workers will need to apply for new jobs with the company.

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6. Coming this week:

Friday -- ExxonMobil, Chevron earnings; U.S. GDP reportSunday -- Venezuela votes on a measure that could give President Nicol-s Maduro new powers