US STOCKS-Nasdaq, S&P 500 set to open lower ahead of Powell speech

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* Growth stocks resume slide
* Tesla falls as bitcoin selloff weighs
* Home Depot falls on unclear consumer spending outlook
* Futures: Dow flat, S&P down 0.56%, Nasdaq down 1.81%

(Adds comment, details; Updates market prices)
By Devik Jain and Shreyashi Sanyal
Feb 23 (Reuters) - The Nasdaq and S&P 500 indexes were set
to open lower on Tuesday as investors sold off high-flying
growth stocks on valuation concerns ahead of Federal Reserve
Chairman Jerome Powell's testimony in Congress.
In another bout of a selloff in the technology sector,
shares of Netflix Inc NFLX.O , Facebook Inc FB.O , Alphabet
Inc GOOGL.O , Microsoft Corp MSFT.O , Amazon.com Inc AMZN.O
and Apple Inc AAPL.O fell between 1.3% and 2.3% in premarket
trading.
"There's definitely an assumption that inflation has crept
and bled through and we are starting to see some impact of that
assumption in the growth style of investing," said Keith
Buchanan, portfolio manager at GlobAlt in Atlanta.
"It's hard to imagine a scenario in which there's upside to
the larger broader market if those large cap growth stocks don't
lead the way."
Meanwhile, Powell is expected to reassure investors that the
central bank will tolerate a faster pace of price increases
despite concerns over a potential pick-up in inflation and a
rise in bond yields.
The hearing before the Senate Banking Committee is scheduled
to begin at 10 a.m. EST (1500 GMT) and will be Powell's first
since Democrats won the White House and control of both chambers
of Congress. The Nasdaq .IXIC and the benchmark S&P 500 .SPX posted
their biggest one-day percentage declines in February on Monday
as inflation fears and overheating in asset markets hit the so
called "stay-at-home" winner stocks.
Value stocks .IVX , which are poised to benefit from an
economic rebound, have outperformed growth shares .IGX in
February.
At 8:44 a.m. ET, Dow e-minis 1YMcv1 were up 1 points, or
0%, S&P 500 e-minis EScv1 were down 21.75 points, or 0.56%,
and Nasdaq 100 e-minis NQcv1 were down 239 points, or 1.81%.
Occidental Petroleum Corp OXY.N slipped 2.9% after the oil
producer posted a larger-than-expected fourth-quarter loss.

Home Depot Inc HD.N fell 2.3% after the home improvement
retailer warned it was unable to predict how consumer spending
would evolve this year. Cryptocurrency miners Riot Blockchain Inc RIOT.O and
Marathon Patent Group Inc MARA.O slumped 13.1% and 14.8%,
respectively, while bitcoin bank Silvergate Capital Corp SI.N
slid 12.0% as bitcoin BTC=BTSP dropped nearly 17% to $45,000.
Tesla Inc TSLA.O , which had invested $1.5 billion in the
cryptocurrency recently, also tumbled 5.2% and was set to plunge
into the red for the year. U.S. consumer confidence data is due at 10 a.m ET, the
reading of which is expected to hit 90 in February.