(Reuters) – Futures tracking the Dow and the S&P 500 index edged higher on Monday, as investors pivoted towards economically sensitive sectors, with focus turning towards upcoming economic readings and ongoing talks over increased government spending.
Oil majors Exxon Mobil and Chevron Corp rose 1.5% and 1.2% in premarket trade, respectively, tracking crude prices, while big lenders including JPMorgan, Citigroup, Morgan Stanley and Bank of America Corp gained about 0.8%. [O/R]
Industrials 3M Co and Caterpillar Inc, which tend to benefit the most from an economic rebound, also inched higher.
Market participants moved into value and cyclical stocks from tech-heavy growth names after the Federal Reserve last week indicated it could begin unwinding its bond-buying program by as soon as…