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Sharpen those pencils small business owners:S&P 500 Futures Pare Gain as Economic Growth Trails Forecast
Jan. 27 (Bloomberg) -- Standard & Poor's 500 Index futures pared their gain after a report showed economic expansion slowed more than forecast, threatening to undermine earnings growth.

S&P 500 futures expiring in March gained 2.40, or 0.2 percent, to 1280.20 as of 8:35 a.m. in New York. The futures were up as much as 0.5 percent.

The U.S. economy increased at a 1.1 percent pace in the fourth quarter as consumers spent at the slowest pace since 2001 and corporations limited equipment purchases.

The rise in gross domestic product, the value of all goods and services produced in the U.S., followed a 4.1 percent annual rate of increase in the previous three months, the Commerce Department reported today in Washington. A measure of inflation rose more than expected.

Economists expected 2.8 percent fourth-quarter growth.