March futures on the S&P/TSX index were down 0.3% at 7:04 a.m. ET (1204 GMT).

U.S. stock index futures also edged lower as Boeing, a heavyweight on the Dow Jones, tumbled after some of its jets were grounded. [.N]

Oil prices fell over 2% on sharp price cuts by Saudi Arabia and a rise in OPEC output that offset supply concerns due to geopolitical tension in the Middle East. [O/R]

Gold prices dipped to near a three-week low, as the dollar and bond yields steadied on reduced hopes of an early rate cut from the Federal Reserve. A strong dollar pressured copper prices. [GOL/] [MET/L]

Hopes of a speedy rate cut dwindled after Dallas Fed President Lorie Logan warned on Sunday that the U.S. central bank may need to resume rate hikes.

Financial stocks will be in the spotlight this week as major U.S. banks including JPMorgan Chase kick off the quarterly earnings season on Friday. In Canada, Tilray Brands Inc and Cogeco Communications are some of the companies reporting earnings this week.

U.S. inflation data due later this week will further shape the outlook for monetary policy.

The Toronto Stock Exchange's S&P/TSX composite index ended the first week of 2024 on a positive note, as investors bought shares of energy and financial firms.

On the companies side, leisure carrier Air Transat reached an agreement over a new labor contract with the Canadian Union of Public Employees (CUPE), easing fears of a strike.

Brokerage Bernstein upgraded gold producer Barrick Gold Corp to "outperform" from "market-perform".

COMMODITIES AT 7:04 a.m. ET

Gold futures: $2,026.7; -1.1% [GOL/]

US crude: $71.65; -2.9% [O/R]

Brent crude: $76.63; -2.7% [O/R]

(Reporting by Purvi Agarwal and Amruta Khandekar in Bengaluru; Editing by Ravi Prakash Kumar)