S&P 500 Slips 0.4% to 7,337 After Record High as Oil Rebounds Over $95

The S&P 500 fell 0.4% to 7,337.11 on May 7 after an intraday record, pressured by oil rebounding (WTI above $95, Brent at $100) amid Strait of Hormuz tensions and hawkish Fed comments following strong labor data. From March lows near 6,796 during Mideast war escalation and oil spikes to $120, the index surged +5.6% YTD, fueled by soft February CPI (+2.4% YoY), rare all-sector gains on March 17, 82-84% Q1 earnings beats, and six straight weekly advances to a May 5 record close of 7,263. Volatility persisted with a May 4 0.41% drop on unconfirmed Iranian strikes before a ceasefire-driven rebound.