Winter storm snarls travel and markets as investors eye Fed week

Millions across the United States started Monday under a fresh round of winter weather impacts, while Wall Street prepared for a busy week featuring heavyweight earnings and a Federal Reserve policy decision. Stock-index futures were little changed early in the day, reflecting a cautious mood after recent market swings tied to geopolitics and trade uncertainty.

The storm’s most immediate economic effect was on transportation. Airlines faced widespread cancellations and delays as snow and ice affected major hubs, with conditions hitting the Northeast particularly hard after heavy weekend snowfall. Travel disruptions rippled into Monday morning, complicating commutes and business schedules for travelers from the Mid-Atlantic through New England.

In commodities, gold extended a record run as investors sought safety amid multiple sources of uncertainty. Market participants have been balancing the outlook for rates, the trajectory of inflation, and the possibility that new trade friction could add pressure to prices in some categories. Bond yields edged lower early in the session, another sign of defensive positioning.

Trade headlines added to the mix, after President Donald Trump renewed threats of steep tariffs on Canadian imports while criticizing Canada’s recent trade engagement with China. The comments revived concerns that the U.S. could see a new round of retaliatory measures or supply-chain disruptions, especially if the dispute broadens beyond a single category of products.

Investors also tracked renewed attention on critical minerals and domestic supply chains, after news of additional federal backing for a U.S. rare-earth company helped lift shares in the sector. With the Fed meeting and large-cap tech reports ahead, traders said the week could set the tone for risk appetite into early February—assuming the storm’s logistical damage does not worsen.

Beyond markets, the winter event continued to affect daily life, with schools and local services adjusting schedules and emergency managers urging caution on roads. Forecasters warned that even where snowfall totals ease, ice and wind can extend disruptions by limiting power restoration and slowing ground travel.