Canada's main stock index tailed off in the first hour on Thursday, despite rising expectations of a near-term temporary truce between the United States and Iran to halt the war, with mining shares adding to gains.
The TSX Composite Index retreated 40.9 points, to start Thursday trading at 33,940.92.
The Canadian dollar was unchanged at 73.33 cents U.S.
The United States and Iran are edging toward a limited, temporary agreement to halt their war, sources and officials said, with the emerging plan centering on a short-term memorandum rather than a comprehensive peace deal.
Oil prices fell around 2% to below $100 U.S. a barrel as the peace deal could bring a gradual reopening of the Strait of Hormuz.
On the earnings front, Canadian Natural Resources surpassed expectations for first-quarter profit on the back of higher output. Natural Resources shares dumped $2.35, or 3.8%, to $59.92.
Enerflex's first-quarter revenue rose 6% on engineered systems strength, while packaging and tissue maker Cascades' quarterly sales slightly missed analysts' expectations. Enerflex slid 55 cents, or 1.5%, to $36.16.
ON BAYSTREET
The TSX Venture Exchange regained 13.49 points, or 1.4%, to 1,009.29.
Seven of the 12 TSX subgroups slumped to begin Thursday, weighed most by energy, down 3.1%, utilities, off 0.8%, and financials surrendered 0.5%.
The five gainers were led by gold, brighter by 2.4%, materials, stronger by 2%, and information technology, ahead 1.1%.
ON WALLSTREET
The S&P 500 hit a new all-time intraday high on Thursday as oil prices fell for another day, buoyed by hopes that the U.S. and Iran were closing in on an agreement to end the war.
The Dow Jones Industrials index tumbled 146.83 points to open at 49,763.76.
The broader market grabbed 6.9 points to 7,372.11.
The NASDAQ jumped 151.92 points, to 25,990.86. The tech-heavy index also scored a fresh all-time high.
Along with declining oil prices, more strong quarterly results helped sentiment as well. Shares of DoorDash popped 8% after the food delivery giant issued rosy guidance for orders in its second quarter.
Meanwhile, Fortinet climbed 19% after lifting its full-year billings guidance.
Prices for the 10-year Treasury gained, dropping yields to 4.34% from Tuesday’s 4.35%. Treasury prices and yields move in opposite directions.
Oil prices dumped $4.42 to $90.66 U.S. a barrel.
Gold prices strengthened $66.80 to $4,761.10 U.S. an ounce.
