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There was a rotation out of big tech that weighed on the S&P and Nasdaq, offsetting news of the U.S. waiving Iran oil sanctions for 60 days.
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President Trump and Vice President JD Vance pointed to progress on Iran's nuclear program, but officials in Tehran said "no new commitments" had been made.
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U.S. crude prices fell 2.7% to about $74 per barrel after Treasury Secretary Scott Bessent announced a 60-day waiver of sanctions on the purchase of Iranian oil. NBC News' Brian Cheung reports on the oil market's reaction to the temporary sale of Iranian oil.
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