01:54 PM EDT, 07/27/2026 (MT Newswires) -- (Updates with latest market prices and developments.)

US stocks were mixed intraday amid a sharp pullback in oil prices, as traders prepared for the Federal Reserve's policy decision and mega-cap earnings reports later in the week.

The Nasdaq Composite was down 0.6% at 24,834.6 after midday Monday, while the S&P 500 fell 0.3% to 7,390.2. The Dow Jones Industrial Average rose 0.2% to 52,031.4. Among sectors, communication services paced the gainers, while technology saw the steepest decline.

West Texas Intermediate crude oil dropped 7.5% to $82.61 a barrel, while Brent slumped 8% to $89.09.

US President Donald Trump told Axios on Monday that the US is in "very deep talks" with Iran, though he said military action could resume if diplomacy fails. His remarks came as the US apparently halted strikes against Iran.

The US military struck Iran for the 13th straight night on Thursday, with Iran launching its retaliatory attacks across Gulf states. There hasn't been an announcement on fresh US strikes since then.

Oman is conducting talks with Iran, but Qatar, Pakistan and Egypt are also actively involved in the process, Axios reported.

"While this is the first tangible signal of de-escalation, the reasons behind it are less clear," ING Bank said in a report. "There's little explanation from the US. Also, it hasn't yet led to any meaningful pickup in vessel flows through the Strait of Hormuz."

Treasury yields were lower intraday, with the 10-year rate down 3.2 basis points at 4.65% and the two-year rate falling 1.3 basis points to 4.32%.

The Federal Open Market Committee kicks off its two-day policy meeting on Tuesday, with a decision on interest rates due the following day. The probability of the central bank leaving its benchmark lending rate unchanged currently stands at 62%, with the remaining odds in favor of a quarter-percentage-point increase, according to the CME FedWatch tool.

"In our view, in the event of a rate hold there are likely to be dissents with the number hinging on the extent to which the statement language shifts in a hawkish direction," Macquarie said Monday in a report.

While the firm expects no change to the federal funds rate this week, it continues to project a hike, most likely in December.

Tech giants Microsoft ( MSFT ) , Apple ( AAPL ) , Amazon ( AMZN ) and Meta Platforms ( META ) are scheduled to release their latest financial results later this week, along with Visa (V), Mastercard ( MA ) , ExxonMobil ( XOM ) , Coca Cola (KO), Procter & Gamble ( PG ) , Qualcomm ( QCOM ) and Boeing ( BA ) .

In company news, Nvidia ( NVDA ) has agreed to expand its partnership with South Korean conglomerate SK Group through an artificial intelligence infrastructure initiative expected to be worth more than $500 billion. The deal includes a long-term partnership between Nvidia ( NVDA ) and SK Hynix ( SKHY ) that will provide the US technology giant a stable supply of next-generation AI memory.

Nvidia's ( NVDA ) shares dropped 5.2% intraday, the worst performer on the Dow, while SK Hynix ( SKHY ) slumped 9.6%.

TransDigm Group ( TDG ) agreed to acquire specialty metal maker Prince & Izant from private equity firm Industrial Growth Partners for approximately $1.07 billion in cash. TransDigm ( TDG ) shares rose 3.4% intraday.

Gold edged up 0.2% $4,077.40 per troy ounce, while silver lost 0.2% to $58.77 per ounce.