Stocks Down at Close on War Worries

Equities in Toronto abandoned their upward path by the close on Thursday, even as energy stocks collapsed as investors noticed a change in the direction of the war in Iran.The TSX Composite Index fell 125.20 points to close Thursday at 33,856.62. The Canadian dollar dipped 0.07 cents to 73.25 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 $1.16, or 1.9%, to $61.10. Enerflex's first-quarter revenue rose 6% on engineered systems strength, while packaging and ?tissue maker Cascades' quarterly sales ?slightly missed analysts' expectations. Enerflex gained $2.03, or 5.5%, to $38.74. Miners B2Gold, Endeavour Silver and ?Torex Gold were among the top gainers on the index after posting positive quarterly earnings.B2Gold rocketed 67 cents, or 11%, to $6.76, while Endeavour hiked $1.14, or 9%, to $13.82. Torex captured $5.20, or 8.7%, to $65.29. However, gains were capped by ?energy stocks, with oil and gas producers Strathcona sliding $1.57, or 3.6%, to $42.04, and Tourmaline subtracted $1.99, or 3%, to $64.86, as a ?decline in crude oil benchmarks overshadowed positive quarterly earnings. Nutrien fell $7.52, or 7.5%, to $93.29, after the potash producer warned of tighter nitrogen market conditions going ahead.BCE shares gained 38 cents, or 1.2%, to $33.50, while Quebecor gained 66 cents, or 1.2%, to $56.62,ON BAYSTREET The TSX Venture Exchange slid 1.62 points to 994.28. Seven of the 12 TSX subgroups went south by the close, weighed most by energy, dipping 1.4%, while industrials and financials each skidded 0.6%. The five gainers were led by information technology, ahead 1.6%, real-estate, up 0.8%, and telecoms, up 0.7%. ON WALLSTREETThe S&P 500 fell on Thursday after hitting a new all-time intraday high as oil prices came back from sizable losses, with traders eyeing more developments between the U.S. and Iran.The Dow Jones Industrials index capsized 313.99 points to 49,596.60.The broader market faltered 28.01 points to 7,337.11, dragged lower by losses in Amazon as well as semiconductor stocks such as Broadcom and Micron TechnologyThe NASDAQ sagged 32.75 points, to 25,806.20. The tech-heavy index had also scored a fresh all-time high during the session.Along with declining oil prices, more strong quarterly results helped sentiment as well. Shares of DoorDash added more than 1% after the food delivery giant issued rosy guidance for orders in its second quarter. Meanwhile, Fortinet climbed 22% after lifting its full-year billings guidance.An Iranian foreign ministry spokesperson said to media outlets Wednesday that Iran was evaluating a U.S. proposal for a resolution. Iran has yet to reach a final conclusion on the matter, and the country has not given a response to the U.S., Iranian state media reported Thursday.A senior Iranian official said that the Middle Eastern country would not allow the U.S. re-open the key Strait of Hormuz passageway with an “unrealistic plan,” Iran’s state-owned Press TV reported Thursday. Iran would also not let the U.S. leave the conflict without paying reparations for the damage inflicted on the country, the official added.Prices for the 10-year Treasury hesitated, raising yields to 4.39% from Wednesday’s 4.35%. Treasury prices and yields move in opposite directions. Oil prices gained $1.15 to $96.23 U.S. a barrel. Gold prices strengthened $24.90 to $4,719.20 U.S. an ounce.