Wall Street hovered near record levels on Wednesday as falling crude oil prices eased inflation concerns and boosted investor sentiment, AP reported.The S&P 500 rose 0.1 per cent after closing at a record high in the previous session. The Dow Jones Industrial Average gained 171 points, or 0.3 per cent, while the Nasdaq Composite was up 0.1 per cent in early trade.Markets drew support from a sharp decline in oil prices as investors tracked developments in the Iran-US ceasefire situation and hopes of reopening the Strait of Hormuz for global oil shipments.Brent crude fell 3.7 per cent to $95.88 a barrel, while US benchmark crude dropped 4.5 per cent to $89.72.The easing in oil prices lifted shares of companies with high fuel costs. Norwegian Cruise Line Holdings jumped 6.8 per cent, while United Airlines rose 6 per cent.The rally in technology stocks linked to the artificial intelligence boom also continued.Micron Technology gained another 2.9 per cent after surging 19.3 per cent a day earlier to cross the $1 trillion market valuation mark. The stock has more than tripled so far in 2026.UBS analysts said demand for computer memory has been fundamentally reshaped by the rapid expansion of AI technologies.Retail stocks also gained after quarterly earnings. Bath & Body Works climbed 14.5 per cent, while Abercrombie & Fitch rose 12 per cent after both companies reported stronger-than-expected profits.Oil and gas companies, however, came under pressure due to the fall in crude prices. Exxon Mobil declined 2.2 per cent and Chevron slipped 1.5 per cent, although both stocks remain up around 20 per cent for the year.In the bond market, Treasury yields eased further as lower oil prices reduced inflation worries. The yield on the 10-year Treasury note slipped to 4.47 per cent from 4.50 per cent on Tuesday.Across global markets, European indexes traded higher, while Asian markets ended mixed. South Korea’s Kospi jumped 2.3 per cent, supported by a 9.3 per cent surge in SK Hynix amid continued optimism around AI-related demand.