April 15 (Reuters) - The S&P 500 touched an intraday record high on Wednesday, its first since the U.S.-Iran conflict began, as hopes of a de-escalation in the war and robust earnings expectations drew investors back into risk assets.

Reaching a fresh record during an active geopolitical crisis marked a shift in market positioning, with traders appearing more willing to price in less severe escalation risks, at least in the near term.

U.S. President Donald Trump has said talks with Iran to end the war could soon resume and result in a deal, after weekend talks in Islamabad collapsed.

Equity markets had fallen sharply last month when hostilities erupted, unleashing a historic shock to oil markets and reviving concerns about inflation and the outlook for U.S. interest rates.

The S&P 500 slid as much as 9% after the conflict broke out on February 28, stopping short of confirming a correction. The Nasdaq and Dow Jones Industrial Average both confirmed a correction, which is usually defined as an index closing at least 10% below a recent record high.

Markets have also drawn support from expectations of a strong corporate earnings season. Executives at big banks said the U.S. consumer remained resilient despite the oil shock, and the pipeline for deals and IPOs was robust.

Analysts expect S&P 500 companies to earn a combined $605.1 billion for the first three months of the year, up from $598.7 billion forecast at the start of the quarter, according to data compiled by LSEG.

A string of brokerages have viewed the selloff as an opportunity to snap up equities at a bargain as the conflict brought valuations down to more reasonable levels.

But the prospect of renewed escalation in the conflict continues to loom, with any flare-up likely to test the market's recent confidence.

And even if risks stemming from geopolitics fade, concerns that dominated sentiment before the war could re-emerge, particularly fears about disruption linked to artificial intelligence.

Private credit firms have also been contending with redemption risk as nervous investors head for exits.