US Stocks Fall From Record High as Market Awaits Iran’s Reply

US stocks pulled back from a record closing high as the the US waits for Iran to respond to a proposal to reopen the Strait of Hormuz and end the war, while investors parsed a stream of earnings.

The S&P 500 Index was down 0.3% at about 1 p.m. in New York, with 10 of 11 sectors declining, led by energy. The Nasdaq 100 Index fell 0.2%. West Texas Intermediate oil was up about 0.7% at almost $96 a barrel, reversing an earlier decline.