Losses in the energy and base metal sectors helped lead Canada's main stock index lower, while U.S. stock markets also fell in late-morning trading.

The S&P/TSX Composite Index was down 40.94 points, or 0.2 per cent, at 20,663.85.

In New York, the Dow Jones Industrial Average was down 120.37 points at 33,968.90. The S&P 500 Index was down 13.92 points at 4,122.21, while the Nasdaq Composite was down 7.28 points at 11,952.87.

The Canadian dollar traded for 74.56 cents U.S. compared with 74.93 cents U.S. on Tuesday.

The March crude contract was down US$1.54 at US$77.52 per barrel and the March natural gas contract was down two cents at US$2.55 per mmBTU.

The April gold contract was down US$18.90 at US$1,846.50 an ounce and the March copper contract was down six cents at US$4.01 a pound.