economy
CNBC Daily Open: U.S. waives Iran sanctions; rotation out of megacap techs
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.
TL;DR
- U.S. waived Iranian oil sanctions for 60 days, leading to a drop in oil prices below $80.
- Megacap tech stocks like Alphabet, Amazon, Meta, and Microsoft saw losses due to AI concerns and higher yields.
- SpaceX shares dropped significantly for a third consecutive session, losing $400 billion in market cap on Monday.
- Alan Greenspan, former Fed chair, passed away at 100.
- The U.K. is preparing for its seventh prime minister in a decade, with Keir Starmer expected to resign and Andy Burnham potentially taking over.
- The World Economic Forum's Summer Davos is taking place in Dalian, China, focusing on innovation.
- Chevron and Microsoft signed a 20-year agreement for natural gas supply to a large Microsoft data center in West Texas.