By YURI KAGEYAMA and MATT OTT, Associated Press Business Writers

Wall Street inched toward tiny losses early Friday as markets digested a mixed bag of corporate earnings ahead of the government’s latest inflation data.

Futures for the S&P 500, the Dow Jones Industrial Average and Nasdaq were all down 0.1% or less before the bell.

The Gap was one of the biggest decliners in premarket, tumbling 15% despite beating Wall Street’s sales and profit targets. Investors were more concerned with the retailer’s prediction that if tariffs on China and other countries remain, it could cost the company between $250 million and $300 million this year.

Another mall-based retailer, Ulta Beauty, rose 8% after it reported stronger sales and profit than analysts forecast and raised its full year guidance.

Shares of Google parent Alphabet were largely stagnant ahead of closing arguments in a legal proceeding that will determine the changes imposed upon the company after being declared an illegal monopoly by a federal judge last year.

The Commerce Department releases its latest data on consumer spending Friday morning. The report covering April also includes the Federal Reserve’s preferred measure of inflation, which analysts forecast retreated closer to the U.S. Central Bank’s target of 2%.

The Fed has left its benchmark borrowing rate steady at its last three meetings, in part due to uncertainty about how tariffs will impact prices.

Investors will be paying close attention as three Fed members are scheduled to make public comments on Friday.

Markets were boosted this week after the U.S. Court of International Trade said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs.

The ruling initially raised hopes that Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down global trade and raise prices for consumers already sick of high inflation.

But the tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain.

In Europe at midday France’s CAC 40 rose 0.3%, while Germany’s DAX jumped 0.8%. Britain’s FTSE 100 added 0.6%.

Japan’s benchmark Nikkei 225 lost 1.2% to finish at 37,965.10. Government data showed Tokyo core inflation, excluding fresh food, rising to a higher-than-expected 3.6% in May. Some analysts say that makes it more likely the Bank of Japan will raise interest rates.

Australia’s S&P/ASX 200 rose 0.3% to 8,434.70. South Korea’s Kospi declined 0.8% to 2,697.67, ahead of a presidential election set for next week.

Hong Kong’s Hang Seng slipped 1.2% to 23,289.77, while the Shanghai Composite shed 0.5% to 3,347.49.

Earlier this week, The court’s ruling also affects only some of Trump’s tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law.

The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court’s decision.

In energy trading, benchmark U.S. crude dipped 7 cents to $60.87 a barrel. Brent crude, the international standard, lost 10 cents to $63.25 a barrel.

In currency trading, the U.S. dollar declined to 143.68 Japanese yen from 144.12 yen. The euro cost $1.1344, down from $1.1367.