12:16 PM EDT, 04/24/2024 (MT Newswires) -- The TSX has shed 166 points at midday, after having gained near 200 points over the first two full days of this week.

All sectors are lower, with industrials (-2.6%) and telecoms (-1.3%), posting the biggest declines.

In commodities, oil prices weakened early on Wednesday despite a report showing an unexpected drop in US oil inventories last week as risk premiums decline.

Gold prices fell dropped for a third-straight session as a correction takes hold following Friday's record high.

Natural gas prices fell as demand for the fuel remains low amid mild spring temperatures.

In terms of Canadian economics news, the focus was on Canadian retail sales for February, and the March advance number.

CIBC noted Canadian retail sales retreated further in February, as Canadians are "becoming more cautious about spending as mortgages come up for renewal". It noted the 0.1% decline in nominal sales was below the consensus expectation of +0.1%, and sales were down in five of nine subsectors, led by gasoline, and in seven provinces. CIBC said "things didn't look any better in volume terms", as real sales dropped off by 0.3%, but volumes were flat in the ex. auto/gasoline group. "Overall," CIBC added, "this report highlights the weak consumer backdrop in Canada, following a boost to sales volumes at the start of the year from warmer than normal winter weather, and we continue to expect a June rate cut from the Bank of Canada."

Of note elsewhere, BMO Economics (after looking at U.S. durable goods orders for March) noted manufacturing activity is "still holding up" despite elevated interest rates. Durable goods orders climbed again in March, while the ISM reported (earlier in the month) that manufacturing activity expanded for the first time since 2022. BMO said this will not give "confidence" for the Fed to cut rates any time soon, though it added tomorrow's GDP report and Friday's PCE figures will be key.