NEW YORK — Stock futures dipped late Thursday as traders wrestled with ongoing uncertainties in the global trade arena. The Dow Jones Industrial Average futures fell by 63 points, reflecting a decline of 0.1%. Meanwhile, S&P 500 futures experienced a decrease of 0.2%, and Nasdaq-100 futures dropped by 0.3%.

After hours, investors scrutinized newly released quarterly earnings. Shares of Gap Inc. plummeted over 14% following a disappointing forecast for the second quarter. In contrast, Ulta Beauty saw an uptick of approximately 8% after reporting strong financial results for the first quarter. Dell Technologies, benefiting from robust revenue numbers, enjoyed a gain of around 2%.

Trade news dominated the market environment on Thursday, limiting broader upward movement for equities. A recent ruling from the Court of International Trade temporarily halted the majority of tariffs imposed by the previous administration, but a stay was granted just hours later, maintaining these tariffs through the upcoming week. This development adds further complexity to an already jittery market, which is grappling with heightened concerns regarding potential economic repercussions from evolving trade policies.

Despite these challenges, the overall market is positioned to close May on a high note. The S&P 500 has recorded an increase exceeding 6% this month, while the Nasdaq Composite has surged close to 10%. The Dow has enjoyed a rise of nearly 4% throughout the month.

Ned Davis Research’s chief U.S. strategist, Ed Clissold, expressed optimism regarding market momentum. He noted that as summer approaches, this positive trend could persist, although he cautioned that upcoming economic data may contradict current market optimism. “The soft data could give way to harder figures as we move into the second and third quarters,” Clissold remarked.

For the week, the S&P 500 has gained approximately 2%, while the Dow is up 1.4%. The tech-heavy Nasdaq has seen an increase of about 2.3%.

Investors are eagerly anticipating the release of the Federal Reserve’s favored inflation measure, the personal consumption expenditures index, set to be published on Friday. This data may significantly influence market sentiment as participants seek to gauge the overall economic health heading into summer.