US STOCKS-S&P 500, Nasdaq set for lower open as bond yield spike pressures tech stocks

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* Ulta Beauty slumps as revenue forecast disappoints
* Benchmark yields approach one-year highs
* Three major indexes set for best week in six
* Futures: Dow up 0.21%, S&P down 0.21%, Nasdaq drops 1.28%

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By Shashank Nayar and Medha Singh
March 12 (Reuters) - The S&P 500 was set to ease from a
record high at the open on Friday, as a spike in U.S. bond
yields reignited inflation worries and dented appetite for
high-growth stocks.
Futures tracking the Nasdaq 100 index NQcv1 were down 1.3%
after rebounding more than 6% over the past three sessions.
Still, Wall Street's main indexes are set for their best
week in six after one of the largest U.S. fiscal stimulus was
signed into law and data showed fewer-than-expected jobless
claims numbers.
U.S. stock indexes are recovering after coming under
pressure in recent weeks as a consistent rise in U.S. bond
yields has raised fears of a sudden tapering of monetary
stimulus.
The yield on the benchmark 10-year notes rose back above
1.60% on Friday to approach the one-year highs touched last
week. US/
"The risks of inflation picking up have increased
significantly due to a jump in money supply through stimulus and
the anticipated demand that we might see as the economy slowly
unlocks," said Jonathan Bell, chief investment officer at
Stanhope Capital in London.
Improving economic data and more fiscal stimulus have also
added to concerns of higher inflation despite assurances from
the Federal Reserve to maintain an accommodative policy. All
eyes will now be on the central bank's policy meeting next week
for further cues on inflation.
Investors will look to data on consumer sentiment by the
University of Michigan later in the day.
At 8:36 a.m. ET, S&P 500 E-minis EScv1 were down 10.75
points, or 0.27% and Dow E-minis 1YMcv1 were up 62 points, or
0.21%.
The Nasdaq has been particularly hit by the sell-off in
recent weeks and entered correction territory on Monday as
investors swapped richly valued technology stocks with those of
energy, mining and industrials companies that are poised to
benefit more from an economic recovery.
The yield-sensitive group of Facebook Inc FB.O Apple Inc
AAPL.O , Amazon.com Inc AMZN.O , Netflix Inc NFLX.O ,
Google-parent Alphabet Inc GOOGL.O , Tesla Inc TSLA.O and
Microsoft Corp MSFT.O were down between 1% and 3% in premarket
trading.
Big U.S. banks including JPMorgan Chase & Co JPM.N , Bank
of America Corp BAC.N and Citigroup Inc C.N were among the
few gainers in early deals.
U.S.-listed shares of China-based JD.com Inc JD.O dropped
nearly 3% after three sources said it is in talks to buy part or
all of a stake in brokerage Sinolink Securities worth at least
$1.5 billion. Cosmetics retailer Ulta Beauty Inc ULTA.O slumped about 8%
after it forecast annual revenue below estimates, as demand for
make-up products were under pressure due to extended
work-from-home policies. The company also named President Dave Kimbell as its new
chief executive officer.