MSCI's global equities index edged lower and the dollar slipped on Wednesday as investors digested the latest economic data and the potential impact of policies from the incoming U.S. administration,

The S&P 500 touched a record high on Monday and logged its sixth-straight session of gains. Investors also rotated into small-cap companies, that helped the Russell 2000 index scale an all-time high, surpassing the previous record hit three years ago.

The president-elect’s opening salvo in trade and border talks with the United States’ neighbors is casting a harsh light on the North American alliance.

Mexico, Canada, China and major industry groups warned that Donald Trump 's threat of hefty tariffs on goods would harm the economies of all involved, cause inflation to spike and damage job markets.