Mumbai, May 8 -- U.S. stocks fell from their records Thursday after oil prices yo-yoed as Wall Street waits to see whether its hopes for a deal to end the Iran war are warranted or just wishful.

The S&P 500 fell 0.4% from its all-time high set the day before. The Dow Jones Industrial Average dropped 313 points (0.6%) and the Nasdaq composite slipped 0.1% from its own record.

Wall Street experienced sharp swings earlier in the war as hopes for reopening the Strait of Hormuz rallied then faded quickly-a pattern that could repeat. Iran has launched a government agency to vet and tax vessels passing through the strait, potentially raising fuel costs, per a shipping data report. Despite war uncertainties, strong U.S. corporate profits have b...