Stocks Gave up Gains and Ended Mostly Lower

U.S. stocks ended mostly lower on Monday, with the S&P 500 and Nasdaq turning negative and the Dow wiping out much of its earlier gains. The Dow Jones Industrial Average was up 10.50 points, or 0.04%, to 26,085.80. The S&P 500 declined 29.82 points, or 0.94%, to 3,155.22. The Nasdaq Composite fell 226.60 points, or 2.13%, to 10,390.84.

Oil futures ended lower on Monday as major oil-producing countries were said to consider easing output curbs as global crude demand has seen improvement. West Texas Intermediate crude for August delivery fell 45 cents, or 1.1%, to settle at $40.10 a barrel. September Brent crude lost 52 cents, or 1.2%, at $42.72 a barrel.

The U.S. federal budget deficit in June surged to $864 billion from single digits a year earlier amid continued strong spending on coronavirus relief programs and a drop in individual and corporate tax receipts, the Treasury Department said on Monday. The June deficit brought the year-to-date fiscal deficit to $2.7 trillion, far eclipsing the previous full-year record of $1.4 trillion in 2009.