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Chip stocks dragged Wall Street lower Tuesday, with NVIDIA sliding 3.2% on a bearish analyst note. Oil rose 2.1% on inventory data. All eyes on Wednesday's CPI print.

US strikes on Iran and suspension of oil licenses sent Brent up 6%. The dollar rallied as safe-haven demand rose and the market priced in a higher chance of two Fed rate hikes in 2026.

Oil spikes 8% after Trump says the Iran MOU is over and he won't engage. Hawkish repricing hits rates and the dollar as risk-off sweeps FX and equities.