Good morning. Today is Friday, March 6th. I'm Rina Sherble, filling in for Julie Morgan.

Our top stories today. The U.S. issues a 30-day waiver and is considering requiring permits for global AI chip sales.

And China approves Pfizer's GLP1 drug.

U.S. stocks ended lower on Thursday as investors assessed renewed geopolitical tensions in the U.S.-Israel versus Iran

conflict that led to oil price surges.

The S&P 500 closed Thursday down 0.6%, the NASDAQ was down 0.3%, and the Dow was down 1.6%.

U.S. Treasury yields, on the other hand, moved higher across the curve with the benchmark 10-year

treasury yield, rising four basis points, and the two-year treasury yield gaining three basis points.

The United States on Thursday issued a 30-day waiver to India for purchasing crude from Moscow

as the Iran War upends global supplies. The waiver

on purchasing Russian oil is expected to help ease global supply worries, with India being the

world's fourth biggest refiner and fifth largest exporter of petroleum products. A license issued

late on Thursday covers transactions related to Russian crude oil

and petroleum products loaded onto vessels before March 5th, so long as they're delivered to

India and purchased by an Indian firm. The measure expires April 4th at 12.01 a.m. Washington time.

India faces risks from energy supply disruptions with crude oil

reserves sufficient for only about 25 days of demand. Around 40% of the country's oil imports

pass through the Strait of Hormuz from the Middle East. Brent and WTI crude recouped some losses after falling over 1% on Friday,

and were last trading at $85.19 and $80.60 per barrel, respectively. The U.S. Secretary of Treasury

Scott Besant said in a post on X, this short-term measure will not provide significant financial benefit to

Russia as it only allows transactions of oil already stranded at sea. The U.S. government,

meanwhile, is taking steps to curb rising oil prices, including offering political risk insurance

...