Canada's TSX inched up slightly Wednesday, driven by gains in the commodities sector, as the Bank of Canada held its key interest rate steady at 2.25%. This decision aligns with market expectations, reflecting the central bank's cautious approach amidst fluctuating trade dynamics and rising US protectionism. Investors are also watching major earnings reports for direction.

U.S. markets also saw mixed results, with the S&P 500 briefly touching 7,000 before closing slightly down while the Dow Jones rose marginally. Investors are anticipating the Federal Reserve's interest rate decision. Economic data, including a drop in consumer confidence, adds to the uncertainty. Markets are also focused on earnings from major tech companies.

Gold prices hit a record high, exceeding $5,200 an ounce due to strong haven demand. Oil prices saw a slight increase in trading. The market is also assessing the impact of a severe winter storm in the U.S. which has disrupted energy infrastructure. Investors are paying close attention to the upcoming earnings reports from major tech firms like Tesla, Meta, and Apple.

Tech earnings will play a major role in shaping market direction. Investors will be keeping an eye on the guidance provided by these firms. The Fed's stance on future rate moves will be closely watched, with markets anticipating any hints about when rate cuts might begin. The market is also focused on the upcoming announcement from the new head of the Federal Reserve.