US stocks reversed intraday gains to close slightly lower Monday

US equities closed slightly lower on Monday, July 20 (29 Tir). The S&P 500 slipped 0.19 percent to 7,443.28, the Dow Jones Industrial Average fell 307 points (0.59 percent) to 51,839.26, and the Nasdaq Composite edged down 0.05 percent to 25,508.07.

After turning higher at midday on a recovery in chipmaker shares and diplomatic signals from Tehran, the market gave back part of its gains as rising oil prices, driven by fresh military exchanges between the US and Iran, weighed on sentiment into the close. Investors are focused on the megacap technology earnings season and the Federal Reserve meeting on July 29 (7 Mordad).