US STOCKS-Nasdaq futures firm 2% as tech stocks recoup losses

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* Futures up: Dow 0.6%, S&P 1.1%, Nasdaq 2.4%

By Shashank Nayar and Medha Singh
March 9 (Reuters) - Futures tracking the Nasdaq 100 index
rebounded about 2% on Tuesday, a day after a steep selloff, as
U.S. bond yields retreated and investors scooped up beaten-down
technology stocks.
Tesla Inc TSLA.O advanced about 4%, while Apple Inc
AAPL.O , Amazon.com Inc AMZN.O , Facebook Inc FB.O and
Microsoft Corp MSFT.O jumped about 2% each in early trading.
U.S. 10-year Treasury bond yields US10YT=RR eased to
1.54%, 6 basis points lower than its highest level this year.
Longer-dated yields have jumped over the last month as investors
price in faster-than-expected economic rebound and higher
inflation.
Signs that a $1.9 trillion coronavirus relief packaged was
closing in on final approval sparked a spike in yields on
Monday, pushing the tech-heavy Nasdaq to close more than 10%
below its Feb. 12 closing high that confirmed a correction.
Higher yields can weigh even more on tech and growth stocks
with lofty valuations, as they threaten to erode the value of
their longer-term cash flows.
"The firesale in many big tech names has been driven by
fears of how higher yields will damage the attractiveness of
these high flyers," said Chris Beauchamp, chief market analyst
at IG in London.
"But with many now much cheaper (compared to where they
were) some will be eyeing up the sector, even if only for a
quick rebound."
The Dow .DJI on the other hand hit an intraday record high
in the previous session as investors favored stocks primed to
benefit from an economic reopening. The global economic outlook has brightened as vaccine
rollouts gain speed and the United States launches a vast new
stimulus package, the Organisation for Economic Cooperation and
Development said, hiking the policy forum's forecasts.
Video game retailer Gamestop GME.N was set to gain for the
fifth consecutive session, up 16.4% at $226.47 premarket,
building on Monday's 41.2% gain after the company said it had
tapped shareholder Ryan Cohen to lead a shift towards
e-commerce.
At 6:25 a.m. ET, Dow E-minis 1YMcv1 were up 191 points, or
0.6%, S&P 500 E-minis EScv1 were up 42.5 points, or 1.11% and
Nasdaq 100 E-minis NQcv1 were up 291.75 points, or 2.37%.