The Dow Jones Industrial Average declined 0.58% to 18,096.9 points on Wednesday, while the S&P 500 decreased 0.44% to 2,098.53 points. Investors are awaiting the release of the U.S. labour market data on Friday.

The Fed's Beige Book survey showed on Wednesday that optimism prevailed in most Federal Reserve districts.

Europe's stock indices traded higher. Investors are awaiting the European Central Bank's interest rate decision on Thursday. The European Central Bank (ECB) will unveil details of its quantitative easing programme. The ECB will also provide new economic forecasts for the Eurozone.

UK's FTSE 100 index was up 0.14% to 6,928.67 points. Germany's DAX 30 increased 0.29% to 11,423.69 points, while France's CAC 40 rose 0.41% to 4,937.68.

The Bank of England (BoE) will also release its interest rate decision on Thursday. Analysts expect the BoE will keep unchanged its monetary policy.

The U.K. Halifax house price index declined 0.3% in February, after a 1.9% gain in January. January's figure was revised up from a 0.3% rise.

Hong Kong's Hang Seng fell 1.11% to 24,193.04, China's Shanghai Composite declined 0.92% to 3,249.46. Chinese stocks declined as China lowered its annual GDP growth target to around 7% for 2015. That was the lowest level in 15 years.

Japan's Nikkei 225 rose 0.26% to 18,751.84 on corporate earnings. There were released no major economic reports in Japan on Wednesday.