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So this afternoon I had to go do a grocery run, and tried starting my car....I was faced with "reduced engine power" message and my traction control light was lit... the car was sputtering and my rpm gauge in the car was fluctuating up and down... anyone know what the heck is going on??? Thanks in advance

I forgot to add, the car was working fine last night when I came home from work at 10pm..

Google says these are reasons for the reduced engine power light to Come on  
 
 
Defective throttle position (TP) sensor  
Defective oxygen sensor  
Defective accelerator pedal position (APP) sensor  
Loose or damaged wiring  
Defective throttle body  
Defective powertrain control module (PCM)  
Any fault/error that will affect drivability function  
Any fault/error that will affect vehicle performance  
A fault/error in the emissions system  
A fault/error in the throttle control system  
A fault/error in the transmission system

You may have ice on your ABS sensors throwing the traction control error which puts your car into limp mode. Thaw your vehicle out and see if clearing the code works. Its a common problem with some newer vehicles.

https://www.yourmechanic.com/question/what-does-the-reduced-engine-power-warning-light-mean

The first question should be:  
What is the year Make and Model of your vehicle?

I think it's just cold(as people have said)... tried starting it later on after not being so cold, and wala! Perfect thankyou everyone who responded!!!

maybe because of the cold weather>: the car needs to be put in a heated garage over night to thaw out. if its just short trips around town>: the exhaust system will not warm up properly to evaporate the water produced by burning the fuel. the water vapor will freeze and build up in the muffler until it plugs the muffler.that could cause the reduced engine power light to come on.

Had the same problem with a 2012 gmc terrain. Did it a few times but it would clear up if we shut it off and waited a few mins and restarted it. Happened once in the states and we were worried about not getting home so we limped it to a dealer. They diagnosed a bad throttle body. They changed it and we never had another problem. Thanks for warranty.