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.

Less than a week after the U.S. and Iran signed their "memorandum of understanding" aimed at ending the conflict, tensions have flared once again.

The update comes even as industry trackers showed Iranian tankers have continued to sail through the strait.

Agreement signed last week included Washington pledge to issue waivers for export of Tehran's crude

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.

Oil prices fell as investors bet global crude supplies will improve, as tankers stranded in the Persian Gulf for months have begun leaving the Strait of Hormuz.