Wall Street hangs near its records as oil prices ease

U.S. equities continue hovering near record levels as oil prices retreat, providing relief to households and businesses globally. The S&P 500 inched up 0.1% and the Dow climbed 171 points (0.3%) with the Nasdaq up 0.1% as of 9:35 a.m. Eastern, led by stocks sensitive to fuel costs such as Norwegian Cruise Line (+6.8%) and United Airlines (+~6%). Brent crude dropped 3.7% to $95.88, and WTI slid 4.5% to $89.72 on hopes of easing U.S.-Iran tensions and a potential reopening of the Strait of Hormuz. AI-focused strength supported the rally; Micron Technology rose 2.9% after a 19.3% surge yesterday, while UBS peers suggested further upside. In corporate results, Bath & Body Works and Abercrombie & Fitch posted solid profits. Energy names retreated with Exxon Mobil and Chevron down roughly 2% and 1.5%. The 10-year Treasury yield eased to 4.47%, constraining mortgage costs and signaling a cautious but positive growth outlook for 2026.