U.S. stock futures were subdued Monday as investors braced for a Federal Reserve interest rate decision and a wave of corporate earnings. Markets also digested a new 100% tariff threat from President Trump targeting Canada and rising U.S. government shutdown risks after a Minneapolis shooting. Gold prices surged to a new record high, hitting $5,100 an ounce on safe-haven demand.

The Fed is widely expected to hold rates steady at 3.5%-3.75%, defying President Trump's calls for cuts amid strong growth and low unemployment. The central bank's independence is under scrutiny as Trump's public feud with Chair Jerome Powell continues, with a replacement for Powell due in May. Markets are watching for any signals on the Fed's future policy path.

Trump’s tariff threat against Canada, if it strikes a trade deal with China, adds to geopolitical uncertainty that has fueled gold's rally. Meanwhile, a Minneapolis shooting has hardened Democratic opposition to funding border agencies, increasing the chance of a U.S. government shutdown. Investors are weighing these risks against a backdrop of strong economic data.