US STOCKS-Nasdaq futures down as spike in yields pressures tech stocks

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* Futures: Dow up 0.3%, S&P flat, Nasdaq off 0.6%

By Devik Jain
March 30 (Reuters) - Futures tracking the Nasdaq 100 index
fell on Tuesday as a rise in U.S. bond yields hit tech-related
stocks and investors bought into undervalued banks and
industrial shares that stand to benefit from a re-opening
economy.
Nasdaq 100 futures NQcv1 slipped 0.6% as Amazon.com
AMZN.O , Apple Inc AAPL.O , Netflix Inc NFLX.O and Microsoft
Corp MSFT.O dropped between 0.6% and 0.8% premarket, as U.S.
10-year Treasury yields US10YT=RR hit a 14-month high. US/
The tech-heavy Nasdaq .IXIC , which houses some of the
"high-flying" FAANG stocks, is set for its first monthly loss
since November as rosy economic projections lifted demand for
undervalued banks, energy, materials and industrial stocks.
A rise in yields has particularly hit tech stocks which
often have a low-rate environment heavily baked into their high
valuations.
The Nasdaq is still about 7% below its all-time closing
high, while bets on a speedy economic recovery driven by vaccine
distributions and unprecedented stimulus has helped the S&P 500
and the Dow notch record closing highs last week.
The three main indexes recouped most of their losses from
session lows on Monday as investors took heart from signs that
the impact from the fall of a U.S. hedge fund was limited to a
handful of stocks and didn't ripple out to broader markets.
At 6:42 a.m. ET, Dow E-minis 1YMcv1 were up 85 points, or
0.26%, S&P 500 E-minis EScv1 were down 0.75 points, or 0.02%
and Nasdaq 100 E-minis NQcv1 were down 78.25 points, or 0.6%.
Banks and industrial stocks including JPMorgan Chase & Co
JPM.N , Morgan Stanley MS.N and Boeing Co BA.N added
between 0.9% and 1.4%.
Bitcoin prices BTC=BTSP gained about 2% after Reuters
reported that PayPal Holdings Inc PYPL.O is set to announce
that it has started allowing U.S. consumers to use their
cryptocurrency holdings to pay at millions of its online
merchants globally.