The market is under selling pressure in early trading, despite a relatively positive economic report.

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Last night, Oracle (ORCL) reported a so-so quarter, and made comments that its customers got a little more cautious at the end of its quarter. That started the selling in tech, and a report that showed Google's (GOOG) paid clicks didn't grow as fast as hoped for hit that stock as well.

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In economic news, Q407 GDP was left unchanged at +0.6%. Many feared it would be revised lower. But the consumer spending component was actually revised higher, and the inflation component was revised lower. So those are net positives.

Asian markets were mostly lower overnight; oil is roughly flat around $106; and bond yields are steady, with the 10-year yield at 3.50%.

Biotechs are bucking the early weakness and trading higher, along with drug stocks. Banks and brokers are down the most after more downgrades and talk of further writedowns.