Wall Street hovered near record levels on Thursday as investors paused after a sharp rally, weighing rising oil prices and uncertainty around the Iran conflict before making fresh bets.The S&P 500 slipped 0.1%, a day after hitting a new all-time high– its 10th gain in 11 sessions–while the Dow Jones Industrial Average fell 66 points and the Nasdaq Composite declined 0.3%, AP reported.Markets have surged over 10% since late March lows, driven by hopes of a de-escalation in the US-Iran conflict or avoidance of a worst-case global economic scenario.However, caution persisted as oil prices climbed. Brent crude rose 3.1% to $97.83 per barrel, after swinging between about $70 before the war and as high as $119 amid supply concerns tied to disruptions in the Persian Gulf.“The key upside risk for the market is that peace talks between the US and Iran break down,” ING Bank strategists Warren Patterson and Ewa Manthey said, warning that differences between the two sides remain wide.Investors are also closely tracking diplomatic developments, with Pakistan’s army chief expected to meet Iranian officials in Tehran to explore easing tensions and paving the way for a fresh round of talks.Corporate earnings continued to provide support to markets, with several companies reporting stronger-than-expected results for early 2026.J.B. Hunt Transport Services rose 5.7%, while Marsh & McLennan gained 3.4% after posting upbeat earnings.PepsiCo advanced 2.1% as demand for snacks improved following price cuts on products such as Lay’s, Doritos and Cheetos.Technology stocks also saw gains after Taiwan Semiconductor Manufacturing Co. reported better-than-expected revenue and profit, with its CFO indicating sustained demand.On the downside, Abbott fell 4.4% despite beating expectations, after lowering its full-year profit forecast due to its acquisition of cancer-screening firm Exact Sciences.Allbirds slumped 28.7%, giving back part of its previous day’s 582% surge, as the company pivots towards offering AI chip services.Globally, markets remained positive, with Japan’s Nikkei rising 2.4%, South Korea’s Kospi gaining 2.2% and Hong Kong’s Hang Seng advancing 1.7%.China also reported 5% economic growth for the January-March quarter, though analysts warned that its export-driven economy could face headwinds if global growth slows.In the bond market, US Treasury yields eased slightly, with the 10-year yield dipping to 4.28% from 4.29% a day earlier after data showed fewer Americans filed for unemployment benefits.