US STOCKS-Wall St flat as oil price drop offsets earnings momentum
* Bank of America rises on profit beat
* Oil prices drop 2 pct, leading energy stocks down
* ARM surges on SoftBank deal; U.S. chip stocks rise
* Dow down 0.14 pct, S&P down 0.09 pct, Nasdaq up 0.03 pct (Updates to open)
By Yashaswini Swamynathan
July 18 (Reuters) - Wall Street was little changed on Monday, with the Dow and the S&P 500 trading near record highs, as a drop in oil prices offset the boost from mostly upbeat U.S. corporate earnings reports.
After the S&P and Dow hit record intraday highs almost every day last week, investors will seek to justify stock valuations by assessing the quality of earnings and forecasts, especially in the backdrop of the Brexit vote.
Bank of America, the No.2 U.S. bank by assets, posted better-than-expected profit for the second quarter, mirroring the results of big banks that reported last week.
The bank's shares rose 1.4 percent to $13.86, helping the S&P financial index gain 0.3 percent. Continuación...