Mumbai, Aug. 7 -- Wall Street opened the week soaring higher and notching records but has calmed over the last two days. Markets are dealing with uncertainties over the on-going U.S. war with Iran and its impact on inflation.

The S&P 500 fell 13.59 points (0.2%) to 7,709.96. It pulled further away from its record set on Tuesday, though the index is still solidly on track to notch weekly gains. The Dow Jones Industrial Average fell 464.02 points (0.9%) to 53,885.10. The Nasdaq composite fell 15.09 points (0.1%) to 26,348.35.

Oil prices gained ground as uncertainty remains over the U.S. war with Iran that has stifled the global flow of oil. The price of Brent crude, the international standard, rose 3.8% to $82.49. A fifth of the world's t...