Wall Street was set to open flat on Friday after the government said first-quarter economic growth was slower than previously estimated and lawmakers reached a historic agreement to overhaul financial regulations.

U.S. lawmakers hammered out new Wall Street rules in the early hours, though the measure must still win approval from both chambers of Congress before U.S. President Barack Obama can sign it into law.

Among the reforms, under a modified Volcker rule banks would face stricter limits on risky trading and investing, but could make small investments in private equity and hedge funds. Shares of major banks rose in premarket trade, including Bank of America Corp up 1.5 percent at $15.24 and Goldman Sachs Group Inc adding 1.6 percent to $137.17.

Stock index futures gave up some gains after data showed gross domestic product expanded at a 2.7 percent annual rate instead of the 3 percent pace reported last month. New concerns were raised that the recovery is not as robust as anticipated after recent weak data, including sharply lower home sales.

The GDP data just underscores what we've been seeing the last few weeks about a weaker U.S. economy. So I think that is going to accelerate people readjusting both their economic forecasts as well as earnings forecasts, said Subodh Kumar, head of an investment strategy firm in Toronto.

S&P 500 futures added 1.2 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures fell 19 points, and Nasdaq 100 futures slipped 3 points.

Technology shares will be in focus after Oracle Corp reported quarterly profit that beat expectations as sales of new software rose. Oracle was up 3.7 percent at $23.03.

But BlackBerry maker Research in Motion Ltd's reported shipments and subscribers fell short of expectations, flaming fears it is losing market share to rivals like Apple Inc . Its U.S. shares slumped 6.2 percent to $54.99.

Also on the data front, the final reading for June consumer sentiment is expected at 9:55 a.m. EDT, with investors expecting a reading of 75.5, also in line with the preliminary figure. See

Ahead of the weekend G20 summit in Toronto, officials downplayed differences between the United States and Europe over how quickly to shift from crisis-fighting mode to budgetary belt-tightening.

Concerns over BP Plc's ability to pay the rising cost of the oil spill in the Gulf of Mexico sent its U.S.-listed shares down 3.6 percent to $27.70 premarket. The stock looked set to extend a 14-year low.

BP said the relief well was on track and estimated it has spent $2.35 billion to respond to the biggest U.S. oil spill ever.

The S&P 500 fell for the fourth straight day on Thursday, hurt by fresh signs of consumer weakness and worries about stringent financial regulation.

(Editing by Jeffrey Benkoe)

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