US Stocks Fall From Record High as Market Awaits Iran’s Reply
US stocks pulled back from a record high as 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 fell 0.4% on Thursday, with nine of 11 sectors declining, led by materials and energy. The Nasdaq 100 Index dropped 0.1%. West Texas Intermediate crude oil was up about 0.2% at around $95 a barrel, after Iran’s Fars said explosions were heard near Bandar Abbas, a port city on the Strait of Hormuz.