The S&P 500 extended its record closing run into Wednesday as markets parsed minutes of the Federal Reserve's latest monetary policy meeting and tracked tariff updates.

The S&P 500 and the Dow Jones Industrial Average rose 0.2% each to 6,144.2 and 44,627.6, respectively. The Nasdaq Composite added 0.1% to 20,056.3. Among sectors, health care paced the gainers, while financials, communication services, and consumer discretionary were little changed. Materials was the only decliner.

Members of the central bank's Federal Open Market Committee indicated last month that they would want to see inflation cool further before delivering additional interest rate cuts, meeting minutes showed Wednesday. Policymakers said that potential changes in trade and immigration policies could "hinder" the disinflation process, according to the document.

At the January meeting, the FOMC decided to leave its benchmark lending rate unchanged following three straight cuts.

"It's clear from the minutes that rate cuts are not happening anytime soon, and the Fed will likely wait for some of the dust to settle on tariffs before providing better forward guidance," Oxford Economics said.

On Tuesday, President Donald Trump said he may impose 25% tariffs on auto, semiconductor, and pharmaceutical imports, adding to his recent tariff announcements.

The Trump administration's move to "penalize what Washington deems unfair trade practices, are set to provoke retaliation, drive up costs for businesses and consumers, and disrupt intricate global supply chains," deVere Group said.

The two-year US Treasury yield fell 2.3 basis points to 4.27%, while the 10-year rate declined one basis point to 4.54%.

In economic news, US housing starts fell more than expected last month amid declines in single- and multi-family projects, government data showed.

"Homebuilding activity is likely to remain subdued over the near-term as still elevated interest rates and policy uncertainty weigh on the industry," TD Economics said.

West Texas Intermediate crude oil rose 0.6% to $72.30 a barrel Wednesday.

In company news, Analog Devices' (ADI) fiscal first-quarter results fell less than expected year over year amid gradual improvement in bookings, while the chipmaker issued an outlook above market estimates at the midpoint for the ongoing three-month period. Its shares jumped 9.7%, among the best performers on the S&P 500 and the Nasdaq.

Garmin (GRMN) was the top gainer on the S&P 500, up nearly 13%, as the company provided an upbeat full-year financial outlook after delivering a fourth-quarter beat.

Cadence Design Systems (CDNS) shares slumped 8.8%, among the steepest declines on the S&P 500 and the Nasdaq. The computational software company late Tuesday provided a full-year earnings outlook below market estimates despite reporting stronger-than-expected fourth-quarter results.

Etsy (ETSY) shares tumbled 10% Wednesday after the e-commerce platform reported weaker-than-expected fourth-quarter revenue and indicated that pressure on gross merchandise sales will likely continue into the first quarter.

Gold rose 0.1% to $2,951.20 per troy ounce, while silver decreased 0.5% to $33.2 per ounce.