LIVE MARKETS-S&P 500, Nasdaq reverse early gains to end down ahead of Apple

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S&P 500, NASDAQ REVERSE EARLY GAINS TO END DOWN AHEAD OF APPLE

The S&P 500 .SPX and Nasdaq .IXIC reversed early gains to end lower on Monday as shares of Apple fell ahead of the company's quarterly results and investors braced for Tuesday's US midterm elections. The Dow .DJI finished higher.

S&P 500 energy .SPNY dropped 4%, leading declines among sectors after a more-than-7% drop in oil prices eased price worries. Oil prices fell as talks between Iranian and Qatari officials lifted hopes for an end to the US-Israeli war with Iran.

The S&P 500 consumer discretionary index .SPLRCD ended 2.3% higher on the day, with lower oil prices seen as a benefit to consumers.

Apple's results follow a market selloff on Friday, led by technology-related and AI company names as recent quarterly reports revived investor worries about AI spending and sustainability of the AI trade. Apple ended down 1.8%, while the S&P 500 technology sector .SPLRCT fell 2.7% on Monday.

A number of close congressional contests Tuesday could help determine what happens in US President Donald Trump's final two years in office. Right now Trump's Republican party controls both the House and Senate.

Here is the closing market snapshot:

(Caroline Valetkevitch)

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