Stocks retreated from record highs, with the Dow down 0.6% and Nasdaq slipping
0.1% as investors awaited Iran’s response to a US peace proposal and oil prices
rose on Strait of Hormuz concerns. The S&P 500 fell 0.4%. Sentiment in the
AI-led tech trade cooled after mixed chip earnings, while labor data showed
AI-linked layoffs in tech and cooler-than-expected jobless claims ahead of
Friday’s jobs report.