NEW YORK (CNN/Money) - U.S. stocks erased early gains Monday as enthusiasm that President Bush is about to intervene in the West Coast port dispute was overcome by continuing earnings and economic concerns.

Around 10 a.m. ET, the Dow Jones industrial average (down 2.01 to 7526.39, Charts) and Standard & Poor's 500 (down 2.89 to 797.69, Charts) joined the Nasdaq composite index (down 6.01 to 1133.89, Charts) in straddling the breakeven point.

Just as the markets were opening, the Associated Press cited two administration officials as saying Bush will appoint a panel of inquiry to determine the economic impact of the port lockout, which has lasted more than a week. Attempts to resolve the West Coast port labor disputes took a turn for the worse after talks between the longshoremen and shipping lines broke down late Sunday, when the International Longshore and Warehouse Union rejected the Pacific Maritime Association's latest offer.

Cargo ships have been unable to load or unload at the ports since Sept. 29, when management resumed a lockout that had ended earlier in the day. Experts estimate that the lockout is costing the U.S. economy $2 billion a day, during a time when the economy is struggling to break out of a slowdown.

Also impacting trade is anticipation ahead of President Bush's address on Iraq, expected to begin at 8 p.m. ET. Bush is expected to answer recent criticisms by outlining specific ways in which Iraq has violated United Nations disarmament resolutions.

Corporate news remained very mixed. The CEO of No. 1 chipmaker Intel (INTC: up $0.08 to $13.79, Research, Estimates) said Sunday that he was more optimistic than ever about the tech sector and that the current crisis should end by early next year.

But sources said financial services company J.P. Morgan Chase (JPM: down $0.29 to $16.25, Research, Estimates), a Dow component, will cut about 4,000 jobs. On Monday, retailer Sears (S: down $2.94 to $34.70, Research, Estimates) warned that third-quarter results will miss estimates.

European markets were lower at midday, while Asian-Pacific stocks closed lower Monday, with Tokyo's Nikkei index down 3.8 percent to a 19-year low on concern about Japanese bank loans.

Treasury prices rose, sending the 10-year note yield down to 3.63 percent from 3.67 percent late Friday. The dollar gained against the yen, but was weaker versus the euro.

Brent oil futures rose 21 cents to $28.27 a barrel in London, where gold was higher.