US STOCKS-Wall St set to open lower as spike in yields pressure tech stocks

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window.)
* Tech stocks fall as 10-year yields touch 14-month high
* Banks, industrial stocks gain
* Futures: Dow flat, S&P off 0.3%, Nasdaq down 0.7%

(Adds comment, details; updates prices)
By Devik Jain and Medha Singh
March 30 (Reuters) - Wall Street's main indexes were set to
open lower on Tuesday as a rise in U.S. bond yields hit
heavyweight tech-related stocks, while undervalued banks and
industrial stocks that stand to benefit from a re-opening
economy edged higher.
Nasdaq 100 futures NQcv1 slipped 0.6% as Facebook Inc
FB.O , Amazon.com AMZN.O , Apple Inc AAPL.O , Netflix Inc
NFLX.O and Microsoft Corp MSFT.O dropped between 0.2% and
0.7% premarket, as U.S. 10-year Treasury yields US10YT=RR hit
a 14-month high. US/
The tech-heavy Nasdaq .IXIC , which houses 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 since last month has particularly hit tech
stocks which often have a low-rate environment heavily baked
into their high valuations.
"We are going through a period where people are adjusting to
slightly higher rates," said Jon Maier, chief investment officer
at Global X ETFs in New York.
"An infrastructure plan would benefit the sectors that were
typically locked during the pandemic. Materials, industrials are
the areas that would benefit from additional spending."
On Wednesday, President Joe Biden will unveil more details
about the first stage of his infrastructure plan, which could be
worth as much as $4 trillion. 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.
"The incredible amount of leverage in the system is a
concern and more headlines like this to come on ... shake
investor confidence," said John Traynor, chief investment
officer at People's United Advisors.
At 8:24 a.m. ET, Dow E-minis 1YMcv1 were down 8 points, or
0.02%, S&P 500 E-minis EScv1 were down 11.5 points, or 0.29%
and Nasdaq 100 E-minis NQcv1 were down 84.5 points, or 0.65%.
Banks and industrial stocks including JPMorgan Chase & Co
JPM.N , Morgan Stanley MS.N and Boeing Co BA.N added
between 0.2% and 0.7%.
Bitcoin prices BTC=BTSP gained about 2.6% 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. PayPal gained about 1%.