NEW YORK, New York - U.S. stock markets went on a roller coaster ride on Monday, with major indices giving up well-earned gains late in the day to finish modestly lower.

"It seems like a day of rest, a breathing day," Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia told Reuters Monday. "It's the first day of a new month, and the markets did great in July."

"There's little conviction in either direction right now."

The Dow Jones industrials slipped 46.73 points or 0.14 percent to close Monday at 32,798.40.

The Nasdaq Composite dropped 21.71 points or 0.18 percent to 12,368.98.

The Standard and Poor's 500 dipped 11.66 points or 0.28 percent to 4,118.63.

The U.S. dollar continued to lose ground. The euro picked up to 1.0259 approaching the New York close Monday. The British pound swelled to 1.2257. The Japanese yen continued its upward trajectory to hit 131.69. The Swiss franc firmed to 0.9501.

The Canadian dollar was slightly lower at 1.2842. The Australian dollar edged up to 0.7025. The New Zealand dollar was sharply higher at 0.6333.

Overseas equity markets were modestly weak in the UK and Europe but gained ground in Asia.

The FTSE 100 in London dropped 0.13 percent. The German Dax dipped 0.03 percent. The Paris-based CAC 40 slipped 0.18 percent.

In Japan, the Nikkei 225 jumped 191.71 points or 0.69 percent to 2,799.36.

China's Shanghai Composite gained 6.72 points or 0.21 percent to 3,259.96.

In Australia, the All Ordinaries climbed 39.20 points or 0.55 percent to 7,213.00.

South Korea's Kospi Composite inched up just 0.75 of a point or 0.03 percent to 2,452.25.

In New Zealand, the S&P/NZX 50 rose 33.33 points or 0.29 percent to 11,525.87.

The Hang Seng in Hong Kong added 9.33 points or 0.05 percent to 20,165.84.