The Globe and Mail reports in its Thursday edition that Canada's commodity-linked main stock index on Wednesday extended its pullback from a record high as oil and gold prices dropped. The unbylined item says the S&P/TSX Composite Index ended down 241.82 points at 34,412.05, marking its second straight day of losses after touching a record closing high on Monday. BMO, Scotiabank and National Bank beat analysts' estimates for quarterly profits, strengthened by domestic business and capital markets income, while signalling an optimistic outlook for Canada despite tensions in the Middle East. "There may be a 'sell the news' phenomenon with respect to the banks," said Allan Small at iA Private Wealth. "They do have good earnings, but their stock prices have gone way up in advance of these earnings." The price of oil settled 5.55 per cent lower at $88.68 (U.S.) a barrel. U.S. President Donald Trump said the United States and Iran still have issues to resolve in peace talks, after Washington dismissed an Iranian state television report of a framework deal to restore shipping through the Strait of Hormuz within a month. Chip stocks were down after a strong rally. Qualcomm fell sharply after strong gains Tuesday.