(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

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Futures down: Dow 0.09%, S&P 500 0.12%, Nasdaq 0.12%

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Regeneron slides on mixed trial data on smoker's lung drug

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Ulta Beauty ( ULTA ) gains after it raises its annual profit

forecast

(Updates with prices, Regeneron shares)

By Shashwat Chauhan and Kanchana Chakravarty

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 and the Nasdaq are on pace for

their best monthly showing since November 2023, while the Dow

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 ) off 0.3% after gaining in the last

session on reporting robust quarterly revenue growth. Tesla

shares were down 1.2%.

Chipmaker Marvell Technology shed 3.8% despite

forecasting second-quarter revenue above estimates.

Ulta Beauty ( ULTA ) gained 8.1% after the cosmetics

retailer raised its annual profit forecast after beating

quarterly results.

Shares of drugmaker Regeneron 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)