May 30 (Reuters) - Wall Street futures slipped on Friday, heading into the last trading session of a solid month for equities, as investors assessed an appeals court decision to undo a prior ruling that had blocked most of U.S. President Donald Trump's tariffs.
The S&P 500 (.SPX), and the Nasdaq (.IXIC), are on pace for their best monthly showing since November 2023, while the Dow (.DJI), is also set for a near 4% monthly advance.
It has been a volatile month for stocks as Trump's on-and-off trade moves kept investors on edge, though his softening stance on tariffs has helped the S&P 500 rebound from its April lows. The benchmark is now about 4% lower than its all-time high hit in February.
U.S. equities had initially rallied in the previous session, after the Court of International Trade ruled late on Wednesday to effectively block most levies imposed since January, without addressing some industry-specific tariffs.
However, a federal appeals court on Thursday temporarily reinstated most of the tariffs and ordered the plaintiffs in the cases to respond by June 5 and the administration by June 9.
"This week's courtroom drama has added another layer of uncertainty to what was already an unsettling series of events," Richard Hunter, head of markets at interactive investor, said in a morning note.
Hopes of more deals between the U.S. and major trading partners, along with upbeat earnings and tame inflation data, are behind most of the gains in equities this month.
U.S. Treasury Secretary Scott Bessent said U.S. trade talks with China are "a bit stalled" and getting a deal over the finish line will likely need the direct involvement of Trump and Chinese President Xi Jinping.
At 06:58 a.m. ET, Dow E-minis were down 38 points, or 0.09%, S&P 500 E-minis were down 7.25 points, or 0.12%. Nasdaq 100 E-minis were down 25 points, or 0.12%.
Most megacap and growth stocks inched lower in premarket trading, with Nvidia (NVDA.O), off 0.3% after gaining in the last session on reporting robust quarterly revenue growth. Tesla (TSLA.O), shares were down 1.2%.
Chipmaker Marvell Technology (MRVL.O), shed 3.8% despite forecasting second-quarter revenue above estimates.
Ulta Beauty (ULTA.O), gained 8.1% after the cosmetics retailer raised its annual profit forecast after beating quarterly results.
Shares of drugmaker Regeneron (REGN.O), fell more than 11% after its experimental drug for patients with a type of lung condition commonly called "smoker's lung" failed a late-stage trial, although it succeeded in another.
Personal Consumption Expenditure data - the Fed's favored inflation indicator - is scheduled for release at 8:30 a.m. ET, which could shed more light on the U.S. Federal Reserve's interest rate trajectory.
Trump called Fed Chair Jerome Powell to the White House late on Thursday for their first face-to-face meeting since he took office in January and told the central bank chief he was making a "mistake" by not lowering interest rates.
Traders currently see at least two 25 basis points of cuts by the end of the year, according to data compiled by LSEG.
Reporting by Shashwat Chauhan and Kanchana Chakravarty in Bengaluru; Editing by Maju Samuel and Devika Syamnath
