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U.S. STOCKS RUN OUT OF GAS AS EARLY RALLY HITS RED LIGHT

Wall Street closed lower on Monday after whatever conviction it had at the beginning of the day slowly leaked away, as what was shaping up at first to be a big rebound in tech .SPLRCT and chips .SOX lost velocity as the day progressed.

The Dow Jones Industrial Average .DJI fell 307.16 points, or 0.59%, to 51,839.26, the S&P 500 .SPX lost 14.41 points, or 0.19%, to 7,443.28 and the Nasdaq Composite .IXIC lost 12.17 points, or 0.05%, to 25,508.07.

The Philadelphia SE Semiconductor Index .SOX staged a partial comeback, rising 0.6% on the day.

While the SOX remains down 17.6% so far in July, it remains up 65.8% year-to-date.

Energy stocks .SPNY were boosted by rising crude prices as hostilities between the United States and Iran threatened to spread throughout the region as Iran-backed Houthis announced a naval blockade against Saudi Arabia.

On the losing end, housing .HGX, homebuilders .SPCOMHOME, regional banks .KRX and transports .DJT, and biotech .NBI suffered large percentage losses.

The U.S. is in for an economic dry spell this week, with mortgage demand, jobless claims, new home sales and "flash" PMI offering the only pegs for data enthusiasts to hang their hats on.

On the earnings front, industrials are set to rule the roost on Tuesday, with Freeport-McMoRan FCX.N, GM GM.N, Halliburton HAL.N, Northrop Grumman NOC.N and 3M MMM.N on deck, among others.

Here's your closing snapshot:

(Stephen Culp)

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