US STOCKS-S&P 500 set to ease from record level as tech stocks weigh

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* Growth stocks set to outperform value for the second week
* Honeywell gains as brokerages raise price targets
* Futures: Dow up 0.14%, S&P down 0.11%, Nasdaq down 0.64%

(Adds comment, details; updates prices)
By Shivani Kumaresan and Medha Singh
April 9 (Reuters) - The S&P 500 and the Nasdaq were set to
open lower on Friday as a rise in U.S. bond yields weighed on
richly valued tech stocks a day after the S&P 500 set a record
closing high.
Weaker-than-expected labor market data on Thursday eased
inflation worries and validated the U.S. Federal Reserve's
accommodative stance, lifting the tech-heavy Nasdaq 1% higher
and powering the S&P 500 to a record close.
Investors are focused on the start of the earnings season
next week. Analysts expect profits for S&P 500 firms to jump
about 25% year on year, the strongest first-quarter performance
since 2018, according to Refinitiv IBES data.
"We have had a tremendous run recently and there's some
excitement about how strong corporate America's earnings will
be," said Ryan Detrick, senior market strategist at LPL
Financial in Charlotte, North Carolina.
"It is a chance to justify the rallies that we have seen
recently to new highs."
Big U.S. lenders including Bank of America Corp BAC.N ,
Citigroup Inc C.N and JPMorgan Chase & Co JPM.N that report
results next week gained between 0.5% and 1% in premarket
trading.
President Joe Biden will release his first budget proposal
to Congress on Friday, offering a long-awaited glimpse into a
policy agenda that will mark a sharp departure from his
predecessor, Donald Trump.
At 08:58 a.m. ET, Dow E-minis 1YMcv1 were up 48 points, or
0.14%, S&P 500 E-minis EScv1 were down 4 points, or 0.11%.
Nasdaq 100 E-minis NQcv1 were down 88.25 points, or 0.64%.
High-flying Amazon.com Inc AMZN.O , Apple Inc AAPL.O .
Microsoft Corp MSFT.O and Facebook Inc FB.O were down
between 0.4% and 0.8% as yields on the benchmark 10-year
Treasury US10YT=RR ticked higher to 1.68%.
Still, the Russell 1000 growth index .RLG , which consists
heavily of tech-related stocks, is set to outperform its value
counterpart .RLV , comprising mostly financials and energy
names, for the second consecutive week on a recent pullback in
the yield.
The Nasdaq is within 2% of its February record level.
"This week is a reminder that technology is not dead. It's
still a group that has a lot of explosive growth and it's a nice
change for investors who felt some pain from techs' under
performance earlier this year," Detrick said.
Bank of America's weekly fund flow figures showed investors
have pumped more money into equities over the past five months
than in the last 12 years, as ultra-easy monetary policies and
unprecedented stimulus have sparked a secular shift into stocks.
Honeywell HON.N gained about 2.2% as Jefferies and J.P.
Morgan raised their price targets on the U.S. aero parts maker's
shares.