On Wednesday, US stocks traded between modest gains and slight losses as investors analysed the minutes of the Federal Reserve's January policy meeting and digested the tariffs announced by Mr. Trump. The S & P 500 was on track for a second straight day of record closing highs, with the Nasdaq mostly flat and the Dow edging lower. "Markets are still leaning on the positive side in the face of high valuations, lower Quarter 1 earnings forecasts and uncertainty around global trade," said Sam Stovall, chief investment strategist at CFRA Research in New York. Policymakers expressed concern over stubborn inflation and the possible impact of Mr. Trump's policy proposals, particularly tariffs, on their efforts to bring price growth to its target, as the Fed's January meeting notes showed. Stovall added: "The Fed will continue to rely on data and they are in no hurry to cut rates. There is nothing new [indeed], but at the same time there is nothing unexpected negative."