Updated from 7:56 a.m. EDT
Stocks in New York were headed for an early decline Thursday as a disappointment from
Research In Motion
and a downgrade of banks brought out the sellers.
Futures on the S&P 500 were down 6 points at 1316 and were 7 points under fair value. Nasdaq 100 futures were off 12 points at 1921 and were 23 points below fair value.
Weighing on the tech sector was RIM, which said after the last close that it
didn't meet first-quarter expectations
before then offering a soft outlook. Shares of the Blackberry maker fell 8%.
Similarly, business software seller
dropped 3% after its own outlook failed to impress investors. Fourth-quarter results were good, but looking to the current quarter, Oracle cautioned that comparisons would be difficult.
Elsewhere, the financial sector was again in focus, in part because Goldman Sachs lowered its ratings on U.S. investment banks to neutral' from attractive, a report said.
was added to the firm's "conviction sell" list.
could be under pressure after Bernstein cut its estimates on the brokerage, citing concerns about more writedowns.
Goldman didn't stop with the financials, also lowering its opinion of
, like Citi a component of the
Dow Jones Industrial Average
Among the new day's earnings,
, the nation's second-largest homebuilder after
, reported another quarterly loss, although a narrower one than in the year-ago quarter. Prices for homes, along with orders, fell off.
Separately, a report in
The Wall Street Journal
said Budweiser maker
is set to turn down InBev of Belgium's $46 billion takeover attempt. Instead, the company will try to sell some assets in order to help lift its stock price.
As for the data, the government issued its final reading on first-quarter gross domestic product, saying the economy grew 1% between January and March. That met estimates and was slightly above the 0.9% preliminary figure. Weekly initial jobless claims were little changed at 384,000, but were about 9,000 more than expected.
Commodity prices were for the most part higher. Oil was up 73 cents at $135.28 a barrel, and gold was jumping $27.80 to $910.10 an ounce. The dollar was down 0.3% against both the euro and the yen, and was weaker by 0.7% vs. the British pound.
Long-dated Treasury securities were mixed, with the 10-year up 5/32 in price, yielding 4.08%, and the 30-year bond losing 4/32 to yield 4.65%.
Overseas, most major markets fell. In Europe, London's FTSE and Frankfurt's DAX surrendered more than 1%. Tokyo's Nikkei and Hong Kong's Hang Seng also pulled back.