U.S. stock futures pointed to a subdued open Monday, weighed down by President Donald Trump’s new tariff threats against Canada and rising fears of a partial government shutdown, as investors brace for a packed week of earnings, Federal Reserve policy, and economic data.

March S&P 500 E-Mini futures dipped 0.05%, while March Nasdaq 100 futures fell 0.14%. The cautious tone follows Trump’s weekend threat to impose 100% tariffs on all Canadian exports if Ottawa strikes a trade deal with China, coupled with Senate Democratic leader Chuck Schumer’s pledge to block Homeland Security funding, raising the risk of a government shutdown by Friday.

The week ahead is dominated by corporate earnings from major tech giants, including Microsoft, Meta, Tesla, and Apple, along with the Federal Reserve’s first interest rate decision of the year on Wednesday. The central bank is widely expected to hold rates steady, but investors will scrutinize guidance on future cuts.

Economic data due Monday includes Durable Goods Orders, while later in the week, reports on consumer confidence, wholesale inflation, and jobless claims will offer further insight into the economy’s health.

In pre-market trading, chip stocks like Advanced Micro Devices, Micron, and Intel declined, while gold mining shares advanced as spot gold prices topped $5,000 an ounce for the first time.

Overseas, European and Asian markets traded lower, with Japan’s Nikkei 225 falling 1.79% as a stronger yen pressured exporters.