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


(ORCL) - Get Report

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.


(C) - Get Report

was added to the firm's "conviction sell" list.

Merrill Lynch


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

General Motors

(GM) - Get Report

, like Citi a component of the

Dow Jones Industrial Average


Among the new day's earnings,


(LEN) - Get Report

, the nation's second-largest homebuilder after

D.R. Horton

(DHI) - Get Report

, 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


(BUD) - Get Report

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.