A big rally for stocks that began in Asia on Thursday lost steam after sweeping into Europe and the United States amid uncertainty about what will happen next after a U.S. court blocked many of President Donald Trump’s sweeping tariffs.

The S&P 500 rose 0.4% after giving up more than half of an early gain. The Dow Jones industrial average added 117 points, or 0.3%, and the Nasdaq composite rose 0.4%.

It’s a downshift after stocks initially leaped nearly 2% in Tokyo and Seoul, where markets had the first chance to react to the ruling late Wednesday by the U.S. Court of International Trade. The court 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.

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

The S&P 500 has pulled within 3.8% of its all-time high after dropping roughly 20% below at one point last month.

On Wall Street, tech stocks led the way after Nvidia once again topped analysts’ expectations for profit and revenue in the latest quarter. The chip company’s 3.2% rise was the strongest force by far lifting the S&P 500.

C3.ai, an AI application software company, jumped 20.8% after it reported stronger profit than analysts expected for its latest quarter.

E.l.f. Beauty was another big winner and rose 23.6% after the cosmetics company delivered a stronger profit for the latest quarter than analysts expected.

They helped offset a drop for Best Buy, which fell 7.3% even though it reported a stronger profit than expected. Its revenue fell short of analysts’ forecasts.

All told, the S&P rose 23.62 points to 5,912.17. The Dow added 117.03 to 42,215.73, and the Nasdaq composite gained 74.93 to 19,175.87.

In the bond market, Treasury yields eased following some mixed reports on the economy.The yield on the 10-year Treasury fell to 4.43% from 4.47% late Wednesday.

In stock markets abroad, Japan’s Nikkei 225 jumped 1.9% to help lead Asian markets higher, while stocks rose 1.4% in Hong Kong and 0.7% in Shanghai. South Korea’s Kospi rallied 1.9% after the Bank of Korea cut its key interest rate to ease pressure on the economy.

The moves for European stocks were much more muted. France’s CAC 40 and Germany’s DAX both swung from early gains to modest losses.

— Associated Press