Wall Street major indices retreated as traders digested corporate earnings reports and monitored developments surrounding potential US-Iran peace agreements.

Wall Street reached fresh record highs as investors welcomed a wave of robust artificial intelligence corporate earnings alongside falling oil prices.

Wall Street rallied sharply at the start of the week, driven by a drop in crude oil prices that helped ease investor worries over accelerating inflation.

Wall Street equities rallied as news of potential talks regarding the Strait of Hormuz caused oil prices and Treasury yields to decline.