U.S.-listed shares of Taiwan Semiconductor Manufacturing TSM.N rose following the chipmaker's upbeat revenue guidance. By Stephen Culp NEW YORK, July 14 (Reuters) - The S&P 500 .SPX pared early losses to close modestly lower on Thursday after investors digested disappointing quarterly results from two large U.S. banks and hotter-than-expected inflation data. "There was an irrational response to the JPMorgan and Morgan Stanley results," said Jay Hatfield, chief executive and portfolio manager at InfraCap in New York.